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☒
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Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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☐
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Delaware
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36-2668272
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
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Title of each class
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Trading symbol(s)
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Name of each exchange on which registered
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Common Stock, par value $1.00 per share
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MMC
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New York Stock Exchange
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Chicago Stock Exchange
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London Stock Exchange
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Large Accelerated Filer
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☒
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Accelerated Filer
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☐
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Non-Accelerated Filer
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☐
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Smaller Reporting Company
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☐
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Emerging Growth Company
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☐
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•
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our ability to compete effectively and adapt to changes in the competitive environment, including to respond to technological change, disintermediation, digital disruption and other types of innovation;
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the impact from lawsuits, other contingent liabilities and loss contingencies arising from errors and omissions, breach of fiduciary duty or other claims against us;
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our ability to attract and retain industry leading talent;
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our organization's ability to maintain adequate safeguards to protect the security of our information systems and confidential, personal or proprietary information, particularly given the large volume of our vendor network and the need to identify and patch software vulnerabilities, including those in the existing JLT information systems;
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our ability to successfully integrate or achieve the intended benefits of our acquisitions, including JLT;
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the impact of investigations, reviews, or other activity by regulatory or law enforcement authorities, including the ongoing investigation by the European Commission competition authority;
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our ability to maintain our credit ratings and repay our outstanding long-term debt in a timely manner and on favorable terms, including approximately $6.5 billion issued in connection with the acquisition of JLT;
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the regulatory, contractual and reputational risks that arise based on insurance placement activities and various insurer revenue streams;
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the financial and operational impact of complying with laws and regulations where we operate and the risks of noncompliance with such laws, including cybersecurity and data privacy regulations such as the E.U.’s General Data Protection Regulation, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act, U.K. Anti-Bribery Act and trade sanctions regimes;
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our ability to manage risks associated with our investment management and related services business, including potential conflicts of interest between investment consulting and fiduciary management services;
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the impact of macroeconomic, political, regulatory or market conditions on us, our clients and the industries in which we operate, including the impact of Brexit or the inability to collect on our receivables;
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our ability to successfully recover if we experience a business continuity problem due to cyberattack, natural disaster, pandemic or otherwise; and
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the impact of changes in tax laws, guidance and interpretations, including certain provisions of the U.S. Tax Cuts and Jobs Act, or disagreements with tax authorities.
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TABLE OF CONTENTS
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PART I
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Item 1 —
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Item 1A —
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Item 1B —
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Item 2 —
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Item 3 —
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Item 4 —
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PART II
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Item 5 —
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Item 6 —
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Item 7 —
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Item 7A —
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Item 8 —
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Item 9 —
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Item 9A —
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Item 9B —
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PART III
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Item 10 —
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Item 11 —
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Item 12 —
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Item 13 —
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Item 14 —
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PART IV
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Item 15 —
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Item 16 —
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Signatures
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•
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Risk and Insurance Services includes risk management activities (risk advice, risk transfer and risk control and mitigation solutions) as well as insurance and reinsurance broking and services. The Company conducts business in this segment through Marsh and Guy Carpenter.
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•
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Consulting includes health, wealth and career services and products, and specialized management, economic and brand consulting services. The Company conducts business in this segment through Mercer and Oliver Wyman Group.
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Marsh JLT Specialty. Marsh’s specialty unit combined with JLT Specialty to form Marsh JLT Specialty as part of the 2019 acquisition of Jardine Lloyd Thompson Group plc ("JLT"). The new unit offers leading expertise, global service and data-driven insights to clients across seven global specialties: aviation; credit specialties; financial & professional services; private equity & mergers & acquisitions; construction; energy & power; and marine & cargo. These teams of specialist experts are globally committed to delivering consulting, placement, account management and claims solutions to clients who require specialist advice and support. Marsh JLT Specialty has bolstered Marsh’s leadership as a global specialty broker.
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•
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MMA offers a broad range of commercial property and casualty products and services, as well as solutions for employee health and benefits, retirement and administration needs and a growing personal lines business in the United States and Canada. Since its first acquisition in 2009, MMA has acquired 75 agencies. MMA provides advice on insurance program structure and market dynamics, along with industry expertise and transactional capability.
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Victor Insurance Holdings is one of the largest underwriting managers of professional liability and specialty insurance programs worldwide. In the United States, Victor Insurance Managers (US) and ICAT Managers deliver risk management and insurance solutions to over 125,000 insureds through a national third-party distribution network of licensed brokers. Victor Insurance Managers (Canada), a leading managing general agent in Canada with over 43,000 insureds, delivers professional liability and construction insurance, as well as group and retiree benefits programs and claims handling for individuals, organizations and businesses. Victor has a growing business in the UK (where it was formerly known as Bluefin Underwriting) and Europe, where new businesses have been launched in the Netherlands, Italy and Germany.
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Marsh Commercial (formerly branded as Jelf) services more than 250,000 clients, primarily in the small to mid-market segment across the United Kingdom, and offers high quality technical advice, bespoke products and distinctive services including claims consultancy, employee health and benefits, personal lines solutions and risk management. With the completion of the acquisition of JLT in 2019, and following the acquisitions of Bluefin in 2017 and Clark Thomson in 2018, Marsh Commercial has one of the United Kingdom's most extensive office networks focused on providing smaller organizations with access to high quality risk and insurance advice.
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Dovetail Insurance is a leading provider of cloud-based insurance services and transaction processing tailored to the U.S. small commercial market. Dovetail deploys a cloud-based technology platform that enables independent insurance agents, on behalf of their small business clients, to obtain online quotes from multiple insurance providers and bind property and casualty and workers compensation insurance policies in real time.
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Actuarial. Oliver Wyman’s Actuarial Practice uses mathematical and statistical modeling skills and qualitative assessment methodologies to assist clients in evaluating and addressing risk.
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Corporate Finance & Restructuring. Oliver Wyman provides an array of capabilities to support investment decision making by private equity funds, hedge funds, sovereign wealth funds, investment banks, commercial banks, arrangers, strategic investors and insurers.
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Digital. Oliver Wyman helps organizations capitalize on the opportunities created by digitization of business, and anticipate and neutralize strategic threats.
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Operations. Oliver Wyman helps organizations leverage their operations for a competitive advantage using a comprehensive set of capabilities, including performance improvement, digital operations strategy, and risk management.
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Organizational Effectiveness. Oliver Wyman's Organizational Effectiveness capability brings together deep functional expertise and industry knowledge to enable the whole organization to work in service of its strategic vision and to address the most pressing organizational, people, and change issues.
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Payments. Oliver Wyman draws on years of industry-shaping work in the Financial Services and Retail industries, deep digital expertise, and renowned research partners in its Celent® business, to help clients - from banks/issuers, to payments providers, to retailers - to build growth strategies, form effective partnerships, optimize costs, and manage risk.
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Pricing, Sales, and Marketing. Oliver Wyman helps organizations drive top-line and margin growth through outstanding strategy and decision making on pricing, marketing optimization, and best practices on sales effectiveness.
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Risk Management. Oliver Wyman works with chief financial officers, chief risk officers, and other senior finance and risk management executives of corporations and financial institutions on risk
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Strategy. Oliver Wyman is a leading provider of corporate strategy advice and solutions in the areas of growth strategy and corporate portfolio; non-organic growth and M&A; performance improvement; business design and innovation; corporate center and shared services; and strategic planning.
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Sustainability Center. The Sustainability Center at Oliver Wyman supports leading companies and governments around the world in their efforts to foster economic growth while encouraging more responsible use of natural resources and environmental protection.
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the retention of key colleagues and clients;
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failure to implement our business plan for the combined business or to achieve anticipated revenue or profitability targets;
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delays or difficulties in completing the integration of acquired companies or assets;
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higher than expected costs, lower than expected cost savings and/or a need to allocate resources to manage unexpected operating difficulties;
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issues in integrating information and technology, accounting, tax, financial reporting, human resources, and other systems;
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assumption of unknown liabilities, or other unanticipated issues, expenses and liabilities;
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weaknesses and vulnerabilities in an acquired entity’s information systems, either before or after the acquisition, which could expose us to unexpected liabilities or make our own systems more vulnerable to a cyberattack;
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changes in applicable laws and regulations or their interpretations, including changes in tax laws, employment regulations and changes in the U.K. and Europe related to Brexit;
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diversion of attention and resources of management;
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promoting or retaining a positive corporate culture;
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retaining and obtaining required regulatory approvals, licenses and permits;
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for acquisitions in which the acquired company’s financial performance is incorporated into our financial results, either in full or in part, the dependence on the acquired company’s accounting, financial reporting and similar systems, controls and processes;
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the difficulty of implementing the required controls, procedures and policies appropriate for a U.S. public company, including compliance with the requirements under the Sarbanes-Oxley Act of 2002, and the potential for significant deficiencies or material weaknesses related to controls and procedures, particularly for acquisitions of companies headquartered outside the U.S.;
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the ability to receive dividends and other payments from newly acquired companies; and
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•
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compliance with all current and potentially applicable U.S. federal and state or foreign laws and regulations, including the U.K. Anti-Bribery Act, U.S. Foreign Corrupt Practices Act and U.S. anti-money laundering and sanctions laws.
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•
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the number of client engagements during a quarter;
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•
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the possibility that clients may decide to delay or terminate a current or anticipated project as a result of factors unrelated to our work product or progress;
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fluctuations in hiring and utilization rates and clients' ability to terminate engagements without penalty;
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potential limitations on the clients or industries we serve resulting from increased regulation or changing stakeholder expectations on ESG issues;
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the impact of changes in accounting standards or in our accounting estimates or assumptions, including from the adoption of the revenue recognition, pension or lease accounting standards;
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•
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the impact on us or our clients of changes in legislation, regulation and legal guidance or interpretations in the jurisdictions in which we operate, including with respect to the TCJA;
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•
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seasonality due to the impact of regulatory deadlines, policy renewals and other timing factors to which our clients are subject;
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•
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the success of our acquisitions or investments;
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•
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macroeconomic factors such as changes in foreign exchange rates, interest rates and global securities markets, particularly in the case of Mercer, where fees in its investments business and certain other business lines are derived from the value of assets under management or administration; and
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•
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general economic conditions, including factors beyond our control affecting economic conditions such as severe weather, climate change, global health crises and pandemics, geopolitical unrest or other catastrophic events, since our results of operations are directly affected by the levels of business activity of our clients, which in turn are affected by the level of economic activity in the industries and markets that they serve.
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•
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economic and political conditions in the countries in which we operate;
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•
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client concentration in certain high-growth countries in which we operate;
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•
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the length of payment cycles and potential difficulties in collecting accounts receivable;
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•
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unexpected increases in taxes or changes in U.S. or foreign tax laws, rulings, policies or related legal and regulatory interpretations, including recent international initiatives to require multinational enterprises, like ours, to report profitability on a country-by-country basis, which could increase scrutiny by, or cause disagreements with, foreign tax authorities and the potential imposition of new global minimum tax;
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potential transfer pricing-related tax exposures that may result from the flow of funds among our subsidiaries and affiliates in the various jurisdictions in which we operate;
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withholding or other taxes that foreign governments may impose on the payment of dividends or other remittances to us from our non-U.S. subsidiaries;
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potential conflicts of interest that may arise as we expand the scope of our businesses and our client base;
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•
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international hostilities, international trade disputes, terrorist activities, natural disasters and infrastructure disruptions;
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•
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local investment or other financial restrictions that foreign governments may impose;
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•
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potential lawsuits, investigations, market studies, reviews or other activity by foreign regulatory or law enforcement authorities or legislatively appointed commissions, which may result in potential modifications to our businesses, related private litigation or increased scrutiny from U.S. or other regulators;
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•
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potential costs and difficulties in complying with a wide variety of foreign laws and regulations (including tax systems) administered by foreign government agencies, some of which may conflict with U.S. or other sources of law;
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potential costs and difficulties in complying, or monitoring compliance, with foreign and U.S. laws and regulations that are applicable to our operations abroad, including trade sanctions laws relating to countries such as Cuba, Crimea, Iran, North Korea, Russia, Syria and Venezuela and anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010;
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limitations or restrictions that foreign or U.S. governments and regulators may impose on the products or services we sell, the methods by which we sell our products and services and the manner in which and the amounts we are compensated;
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potential limitations or difficulties in protecting our intellectual property in various foreign jurisdictions;
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limitations that foreign governments may impose on the conversion of currency or the payment of dividends or other remittances to us from our non-U.S. subsidiaries;
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•
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engaging and relying on third parties to perform services on behalf of the Company; and
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potential difficulties in monitoring employees in geographically dispersed locations.
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our ability to transition consultants promptly from completed projects to new assignments, and to engage newly-hired consultants quickly in revenue-generating activities;
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our ability to continually secure new business engagements, particularly because a portion of our work is project-based rather than recurring in nature;
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our ability to forecast demand for our services and thereby maintain appropriate headcount in each of our geographies and workforces;
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our ability to retain key colleagues and consulting professionals;
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•
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unanticipated changes in the scope of client engagements;
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•
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the potential for conflicts of interest that might require us to decline client engagements that we otherwise would have accepted;
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•
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our need to devote time and resources to sales, training, professional development and other non-billable activities;
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•
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the potential disruptive impact of acquisitions and dispositions; and
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•
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general economic conditions.
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clients' perception of our ability to add value through our services;
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•
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market demand for the services we provide;
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•
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our ability to develop new services and the introduction of new services by competitors;
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•
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the pricing policies of our competitors;
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•
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the extent to which our clients develop in-house or other capabilities to perform the services that they might otherwise purchase from us; and
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•
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general economic conditions.
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2019
Stock Price Range
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2018
Stock Price Range
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High
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Low
|
|
High
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Low
|
First Quarter
|
|
$94.96
|
|
$77.85
|
|
$85.94
|
|
$78.69
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Second Quarter
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$100.20
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|
$91.67
|
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$84.52
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|
$78.60
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Third Quarter
|
|
$103.37
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$94.81
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$87.89
|
|
$81.38
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Fourth Quarter
|
|
$113.94
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$95.00
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|
$89.59
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|
$74.30
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Full Year
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|
$113.94
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|
$77.85
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$89.59
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$74.30
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Period
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|
Total Number
of Shares
(or Units)
Purchased
|
|
Average Price
Paid per Share
(or Unit)
|
|
Total Number of
Shares (or Units)
Purchased as
Part of Publicly
Announced Plans
or Programs
|
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Maximum Number
(or Approximate Dollar Value)
of Shares (or Units) that May
Yet Be Purchased
Under the Plans or Programs
|
||||||
Oct 1-31, 2019
|
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553,907
|
|
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$
|
97.4891
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|
553,907
|
|
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$
|
511,753,209
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|
Nov 1-30, 2019
|
|
685,452
|
|
|
$
|
105.0219
|
|
|
685,452
|
|
|
$
|
2,482,000,302
|
|
Dec 1-31, 2019
|
|
537,171
|
|
|
$
|
109.858
|
|
|
537,171
|
|
|
$
|
2,422,987,756
|
|
Total
|
|
1,776,530
|
|
|
$
|
104.1355
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|
1,776,530
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$
|
2,422,987,756
|
|
For the Years Ended December 31,
(In millions, except per share figures)
|
2019
|
|
|
2018
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|
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2017
|
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2016
|
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2015
|
|
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Revenue
|
$
|
16,652
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|
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$
|
14,950
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|
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$
|
14,024
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$
|
13,211
|
|
|
$
|
12,893
|
|
Expense:
|
|
|
|
|
|
|
|
|
|
||||||||||
Compensation and Benefits
|
9,734
|
|
|
8,605
|
|
|
8,085
|
|
|
7,694
|
|
|
7,569
|
|
|||||
Other Operating Expenses
|
4,241
|
|
|
3,584
|
|
|
3,284
|
|
|
3,086
|
|
|
3,140
|
|
|||||
Operating Expenses
|
13,975
|
|
|
12,189
|
|
|
11,369
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|
|
10,780
|
|
|
10,709
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|
|||||
Operating Income (a)
|
2,677
|
|
|
2,761
|
|
|
2,655
|
|
|
2,431
|
|
|
2,184
|
|
|||||
Other net benefits credits
|
265
|
|
|
215
|
|
|
201
|
|
|
233
|
|
|
235
|
|
|||||
Interest Income
|
39
|
|
|
11
|
|
|
9
|
|
|
5
|
|
|
13
|
|
|||||
Interest Expense
|
(524
|
)
|
|
(290
|
)
|
|
(237
|
)
|
|
(189
|
)
|
|
(163
|
)
|
|||||
Cost of Extinguishment of Debt
|
(32
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Investment income (loss)
|
22
|
|
|
(12
|
)
|
|
15
|
|
|
—
|
|
|
38
|
|
|||||
Acquisition Related Derivative Contracts
|
(8
|
)
|
|
(441
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Income Before Income Taxes
|
2,439
|
|
|
2,244
|
|
|
2,643
|
|
|
2,480
|
|
|
2,307
|
|
|||||
Income Tax Expense (b)
|
666
|
|
|
574
|
|
|
1,133
|
|
|
685
|
|
|
671
|
|
|||||
Income From Continuing Operations
|
1,773
|
|
|
1,670
|
|
|
1,510
|
|
|
1,795
|
|
|
1,636
|
|
|||||
Discontinued Operations, Net of Tax
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|||||
Net Income Before Non-Controlling Interests
|
1,773
|
|
|
1,670
|
|
|
1,512
|
|
|
1,795
|
|
|
1,636
|
|
|||||
Less: Net Income Attributable to Non-Controlling Interests
|
31
|
|
|
20
|
|
|
20
|
|
|
27
|
|
|
37
|
|
|||||
Net Income Attributable to the Company
|
$
|
1,742
|
|
|
$
|
1,650
|
|
|
$
|
1,492
|
|
|
$
|
1,768
|
|
|
$
|
1,599
|
|
Basic Net Income Per Share Information:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income From Continuing Operations
|
$
|
3.44
|
|
|
$
|
3.26
|
|
|
$
|
2.91
|
|
|
$
|
3.41
|
|
|
$
|
3.01
|
|
Income From Discontinued Operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net Income Attributable to the Company
|
$
|
3.44
|
|
|
$
|
3.26
|
|
|
$
|
2.91
|
|
|
$
|
3.41
|
|
|
$
|
3.01
|
|
Average Number of Shares Outstanding
|
506
|
|
|
506
|
|
|
513
|
|
|
519
|
|
|
531
|
|
|||||
Diluted Income Per Share Information:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income From Continuing Operations
|
$
|
3.41
|
|
|
$
|
3.23
|
|
|
$
|
2.87
|
|
|
$
|
3.38
|
|
|
$
|
2.98
|
|
Discontinued Operations, Net of Tax Per Share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net Income Attributable to the Company
|
$
|
3.41
|
|
|
$
|
3.23
|
|
|
$
|
2.87
|
|
|
$
|
3.38
|
|
|
$
|
2.98
|
|
Average Number of Shares Outstanding
|
511
|
|
|
511
|
|
|
519
|
|
|
524
|
|
|
536
|
|
|||||
Dividends Paid Per Share
|
$
|
1.74
|
|
|
$
|
1.58
|
|
|
$
|
1.43
|
|
|
$
|
1.30
|
|
|
$
|
1.18
|
|
Return on Average Equity
|
22
|
%
|
|
22
|
%
|
|
22
|
%
|
|
27
|
%
|
|
23
|
%
|
|||||
Year-End Financial Position:
|
|
|
|
|
|
|
|
|
|
||||||||||
Working capital
|
$
|
389
|
|
|
$
|
1,010
|
|
|
$
|
1,300
|
|
|
$
|
802
|
|
|
$
|
1,336
|
|
Total assets
|
$
|
31,357
|
|
|
$
|
21,578
|
|
|
$
|
20,429
|
|
|
$
|
18,190
|
|
|
$
|
18,216
|
|
Long-term debt
|
$
|
10,741
|
|
|
$
|
5,510
|
|
|
$
|
5,225
|
|
|
$
|
4,495
|
|
|
$
|
4,402
|
|
Total equity
|
$
|
7,943
|
|
|
$
|
7,584
|
|
|
$
|
7,442
|
|
|
$
|
6,272
|
|
|
$
|
6,602
|
|
Total shares outstanding (net of treasury shares)
|
504
|
|
|
504
|
|
|
509
|
|
|
514
|
|
|
522
|
|
|||||
Other Information:
|
|
|
|
|
|
|
|
|
|
||||||||||
Number of employees
|
76,000
|
|
|
66,000
|
|
|
64,000
|
|
|
60,000
|
|
|
60,000
|
|
|||||
Stock price ranges—
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. exchanges — High
|
$
|
113.94
|
|
|
$
|
89.59
|
|
|
$
|
86.54
|
|
|
$
|
69.77
|
|
|
$
|
59.99
|
|
— Low
|
$
|
77.85
|
|
|
$
|
74.30
|
|
|
$
|
66.75
|
|
|
$
|
50.81
|
|
|
$
|
50.90
|
|
(a)
|
Includes the impact of net restructuring costs of $112 million, $161 million, $40 million, $44 million, and $28 million in 2019, 2018, 2017, 2016 and 2015, respectively, and JLT integration, restructuring and acquisition related costs of $485 million in 2019 and $12 million in 2018.
|
(b)
|
Income tax expense in 2017 includes a $460 million provisional charge related to the enactment of U.S. tax reform.
|
•
|
Risk and Insurance Services includes risk management activities (risk advice, risk transfer and risk control and mitigation solutions) as well as insurance and reinsurance broking and services. The Company conducts business in this segment through Marsh and Guy Carpenter.
|
•
|
Consulting includes health, wealth and career consulting services and products, and specialized management, economic and brand consulting services. The Company conducts business in this segment through Mercer and Oliver Wyman Group.
|
For the Years Ended December 31,
(In millions, except per share figures)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Revenue
|
$
|
16,652
|
|
|
$
|
14,950
|
|
|
$
|
14,024
|
|
Expense
|
|
|
|
|
|
||||||
Compensation and Benefits
|
9,734
|
|
|
8,605
|
|
|
8,085
|
|
|||
Other Operating Expenses
|
4,241
|
|
|
3,584
|
|
|
3,284
|
|
|||
Operating Expenses
|
13,975
|
|
|
12,189
|
|
|
11,369
|
|
|||
Operating Income
|
$
|
2,677
|
|
|
$
|
2,761
|
|
|
$
|
2,655
|
|
Income Before Income Taxes
|
$
|
2,439
|
|
|
$
|
2,244
|
|
|
$
|
2,643
|
|
Income from Continuing Operations
|
$
|
1,773
|
|
|
$
|
1,670
|
|
|
$
|
1,510
|
|
Discontinued Operations, Net of Tax
|
—
|
|
|
—
|
|
|
2
|
|
|||
Net Income Before Non-Controlling Interests
|
$
|
1,773
|
|
|
$
|
1,670
|
|
|
$
|
1,512
|
|
Net Income Attributable to the Company
|
$
|
1,742
|
|
|
$
|
1,650
|
|
|
$
|
1,492
|
|
Basic net income per share
|
|
|
|
|
|
||||||
– Continuing Operations
|
$
|
3.44
|
|
|
$
|
3.26
|
|
|
$
|
2.91
|
|
– Net income attributable to the Company
|
$
|
3.44
|
|
|
$
|
3.26
|
|
|
$
|
2.91
|
|
Diluted net income per share
|
|
|
|
|
|
||||||
– Continuing operations
|
$
|
3.41
|
|
|
$
|
3.23
|
|
|
$
|
2.87
|
|
– Net income attributable to the Company
|
$
|
3.41
|
|
|
$
|
3.23
|
|
|
$
|
2.87
|
|
Average number of shares outstanding
|
|
|
|
|
|
||||||
– Basic
|
506
|
|
|
506
|
|
|
513
|
|
|||
– Diluted
|
511
|
|
|
511
|
|
|
519
|
|
|||
Shares outstanding at December 31,
|
504
|
|
|
504
|
|
|
509
|
|
|
Twelve Months Ended December 31,
|
||||||||||
(In millions)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Restructuring costs, excluding JLT
|
$
|
112
|
|
|
$
|
161
|
|
|
$
|
40
|
|
JLT integration and restructuring costs
|
335
|
|
|
—
|
|
|
—
|
|
|||
JLT acquisition related costs
|
150
|
|
|
12
|
|
|
—
|
|
|||
Impact on operating income
|
597
|
|
|
173
|
|
|
40
|
|
|||
Change in fair value of acquisition related derivative contracts
|
8
|
|
|
441
|
|
|
—
|
|
|||
Pension settlement charges
|
7
|
|
|
42
|
|
|
54
|
|
|||
Early extinguishment of JLT debt
|
32
|
|
|
—
|
|
|
—
|
|
|||
JLT related interest income - pre-acquisition
|
(25
|
)
|
|
—
|
|
|
—
|
|
|||
JLT related interest expense - pre-acquisition
|
53
|
|
|
30
|
|
|
—
|
|
|||
Investment loss (impairment loss)
|
—
|
|
|
83
|
|
|
—
|
|
|||
Impact on income before taxes
|
$
|
672
|
|
|
$
|
769
|
|
|
$
|
94
|
|
•
|
Restructuring costs, excluding JLT: Includes severance and related charges from restructuring activities, adjustments to restructuring liabilities for future rent under non-cancellable leases and other real estate costs, and restructuring costs related to the integration of recent acquisitions. These costs are discussed in more detail in Note 14 of the consolidated financial statements.
|
•
|
JLT integration and restructuring costs: Includes costs incurred for staff reductions, lease related exit costs as well as consulting costs related to the JLT Transaction. These costs are discussed in more detail in Note 14 of the consolidated financial statements.
|
•
|
JLT acquisition related costs: Includes advisor fees and stamp duty taxes related to the closing of the JLT Transaction and retention costs. These costs are reflected as part of net operating income. Also includes the loss on the sale of JLT's aerospace business, which is included in revenue.
|
•
|
Change in fair value of acquisition related derivatives: In connection with the JLT Transaction, to hedge the risk of appreciation of the GBP-denominated purchase price relative to the U.S. dollar, in September 2018, the Company entered into a deal contingent foreign exchange contract (the "FX Contract") to, solely upon consummation of the JLT Transaction, purchase £5.2 billion and sell a corresponding amount of U.S. dollars at a contracted exchange rate. The FX Contract is discussed in Note 11 to the consolidated financial statements. An unrealized loss of $325 million related to the fair value changes to this derivative was recognized in the consolidated
|
•
|
JLT related interest income and expense: To secure funding for the Transaction, the Company entered into a bridge loan agreement with aggregate commitments of £5.2 billion in September 2018. The Company paid the customary upfront fees related to the bridge loan, which were amortized as interest expense based on the period of time the facility was expected to be in effect. The Company recorded interest expense of approximately $30 million for the year ended December 31, 2018 related to the amortization of the bridge loan fees and an additional $6 million in 2019 upon termination of the bridge loan agreement in connection with the closing of the JLT Transaction. The Company recorded approximately $47 million of interest expense related to the senior notes issued in the first quarter of 2019 and $25 million of interest income from the investment of the proceeds prior to the closing of the JLT Transaction
|
•
|
Investment loss-impairment charge: The Company owns approximately 34% of the common stock of Alexander Forbes ("AF"), a South African company listed on the Johannesburg Stock Exchange, which it purchased in 2014 for 7.50 South African Rand per share. Based on the duration of time and the extent to which the shares traded below their cost, the Company concluded the decline in value of the investment was other than temporary and recorded a charge of $83 million in the 2018 consolidated statement of income. See Note 5 to the consolidated financial statements for additional information regarding the pending sale of the Company's remaining investment in AF.
|
•
|
Pension settlement charge: The Defined Benefit Pension Plans in the U.K. and certain other countries allow participants an option for the payment of a lump sum distribution from plan assets before retirement in full satisfaction of the retirement benefits due to the participant as well as any survivor’s benefit. The Company’s policy under applicable U.S. GAAP is to treat these lump sum payments as a partial settlement of the plan liability if they exceed the sum of service cost plus interest cost components of net period pension cost of a plan for the year ("settlement thresholds"). The amount of lump sum payments through December 31, 2018 exceeded the settlement thresholds in two of the U.K. plans. The Company recorded non-cash settlement charges, primarily related to these plans of $42 million and $54 million for the years ended December 31, 2018 and 2017, respectively, of which approximately 90% impacted Risk and Insurance Services. In 2019, the Company recorded $7 million of non-cash pension settlement charges related to certain of its non U.S. plans.
|
|
Year Ended
December 31,
|
|
|
|
2018 Including JLT
|
|
% Change Including JLT in 2018
|
|
Components of Revenue Change Including JLT*
|
|||||||||||||||||
(In millions, except percentage figures)
|
2019
|
|
|
2018
|
|
|
% Change
GAAP
Revenue
|
|
|
|
Currency Impact
|
|
Acquisitions/
Dispositions/ Other Impact |
|
Underlying Revenue
|
|||||||||||
Risk and Insurance Services
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Marsh
|
$
|
8,014
|
|
|
$
|
6,877
|
|
|
17
|
%
|
|
$
|
7,895
|
|
|
2
|
%
|
|
(2
|
)%
|
|
—
|
|
|
4
|
%
|
Guy Carpenter
|
1,480
|
|
|
1,286
|
|
|
15
|
%
|
|
1,442
|
|
|
3
|
%
|
|
(1
|
)%
|
|
(1
|
)%
|
|
5
|
%
|
|||
Subtotal
|
9,494
|
|
|
8,163
|
|
|
16
|
%
|
|
9,337
|
|
|
2
|
%
|
|
(2
|
)%
|
|
—
|
|
|
4
|
%
|
|||
Fiduciary Interest Income
|
105
|
|
|
65
|
|
|
|
|
78
|
|
|
|
|
|
|
|
|
|
||||||||
Total Risk and Insurance Services
|
9,599
|
|
|
8,228
|
|
|
17
|
%
|
|
9,415
|
|
|
2
|
%
|
|
(2
|
)%
|
|
—
|
|
|
4
|
%
|
|||
Consulting
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Mercer
|
5,021
|
|
|
4,732
|
|
|
6
|
%
|
|
5,001
|
|
|
—
|
|
|
(2
|
)%
|
|
—
|
|
|
2
|
%
|
|||
Oliver Wyman Group
|
2,122
|
|
|
2,047
|
|
|
4
|
%
|
|
2,047
|
|
|
4
|
%
|
|
(2
|
)%
|
|
—
|
|
|
6
|
%
|
|||
Total Consulting
|
7,143
|
|
|
6,779
|
|
|
5
|
%
|
|
7,048
|
|
|
1
|
%
|
|
(2
|
)%
|
|
—
|
|
|
3
|
%
|
|||
Corporate/Eliminations
|
(90
|
)
|
|
(57
|
)
|
|
|
|
(57
|
)
|
|
|
|
|
|
|
|
|
||||||||
Total Revenue
|
$
|
16,652
|
|
|
$
|
14,950
|
|
|
11
|
%
|
|
$
|
16,406
|
|
|
2
|
%
|
|
(2
|
)%
|
|
—
|
|
|
4
|
%
|
(In millions of dollars, except percentages)
|
2019
|
|
2018
|
|
2017
|
||||||
Revenue
|
$
|
9,599
|
|
|
$
|
8,228
|
|
|
$
|
7,630
|
|
Compensation and Benefits
|
5,370
|
|
|
4,485
|
|
|
4,171
|
|
|||
Other Operating Expenses
|
2,396
|
|
|
1,879
|
|
|
1,728
|
|
|||
Operating Expenses
|
7,766
|
|
|
6,364
|
|
|
5,899
|
|
|||
Operating Income
|
$
|
1,833
|
|
|
$
|
1,864
|
|
|
$
|
1,731
|
|
Operating Income Margin
|
19.1
|
%
|
|
22.7
|
%
|
|
22.7
|
%
|
(In millions of dollars, except percentages)
|
2019
|
|
2018
|
|
2017
|
||||||
Revenue
|
$
|
7,143
|
|
|
$
|
6,779
|
|
|
$
|
6,444
|
|
Compensation and Benefits
|
3,934
|
|
|
3,760
|
|
|
3,573
|
|
|||
Other Operating Expenses
|
1,999
|
|
|
1,920
|
|
|
1,761
|
|
|||
Operating Expenses
|
5,933
|
|
|
5,680
|
|
|
5,334
|
|
|||
Operating Income
|
$
|
1,210
|
|
|
$
|
1,099
|
|
|
$
|
1,110
|
|
Operating Income Margin
|
16.9
|
%
|
|
16.2
|
%
|
|
17.2
|
%
|
|
Payment due by Period
|
||||||||||||||||||
Contractual Obligations
(In millions of dollars)
|
Total
|
|
|
Within
1 Year
|
|
|
1-3
Years
|
|
|
4-5
Years
|
|
|
After 5
Years
|
|
|||||
Current portion of long-term debt
|
$
|
1,217
|
|
|
$
|
1,217
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-term debt
|
10,808
|
|
|
—
|
|
|
1,334
|
|
|
2,234
|
|
|
7,240
|
|
|||||
Interest on long-term debt
|
5,556
|
|
|
456
|
|
|
807
|
|
|
689
|
|
|
3,604
|
|
|||||
Net operating leases
|
2,610
|
|
|
413
|
|
|
694
|
|
|
529
|
|
|
974
|
|
|||||
Service agreements
|
349
|
|
|
184
|
|
|
89
|
|
|
61
|
|
|
15
|
|
|||||
Other long-term obligations
|
448
|
|
|
195
|
|
|
243
|
|
|
5
|
|
|
5
|
|
|||||
Total
|
$
|
20,988
|
|
|
$
|
2,465
|
|
|
$
|
3,167
|
|
|
$
|
3,518
|
|
|
$
|
11,838
|
|
|
Total Company
|
|
U.S.
|
|
ROW
|
|||
Assumed Rate of Return on Plan Assets
|
5.31
|
%
|
|
7.82
|
%
|
|
4.35
|
%
|
Discount Rate
|
2.57
|
%
|
|
3.44
|
%
|
|
2.09
|
%
|
|
0.5 Percentage
Point Increase
|
|
0.5 Percentage
Point Decrease
|
||||||||||||
(In millions of dollars)
|
U.S.
|
|
|
U.K.
|
|
|
U.S.
|
|
|
U.K.
|
|
||||
Assumed Rate of Return on Plan Assets
|
$
|
(22
|
)
|
|
$
|
(47
|
)
|
|
$
|
22
|
|
|
$
|
47
|
|
Discount Rate
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
(2
|
)
|
|
$
|
(3
|
)
|
•
|
First, the Company determines whether it is more likely than not that a tax position will be sustained upon tax examination, including resolution of any related appeals or litigation, based on only the technical merits of the position. If a tax position does not meet the more-likely-than-not recognition threshold, the benefit of that position is not recognized in the financial statements.
|
•
|
The second step is measurement. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50-percent likely of being realized upon ultimate resolution with a taxing authority. Uncertain tax positions are evaluated based upon the facts and circumstances that exist at each reporting period and involve significant management judgment. Subsequent changes in judgment based upon new information may lead to changes in recognition, de-recognition, and measurement. Adjustments may result, for example, upon resolution of an issue with the taxing authorities, or expiration of a statute of limitations barring an assessment for an issue.
|
(In millions)
|
Three Months Ended December 31, 2018
|
|
Twelve Months Ended December 31, 2018
|
||||
MMC As Previously Reported
|
|
|
|
||||
Risk & Insurance Services
|
|
|
|
||||
Marsh
|
$
|
1,804
|
|
|
$
|
6,877
|
|
Guy Carpenter
|
102
|
|
|
1,286
|
|
||
Subtotal
|
1,906
|
|
|
8,163
|
|
||
Fiduciary Interest Income
|
19
|
|
|
65
|
|
||
Total Risk & Insurance Services
|
1,925
|
|
|
8,228
|
|
||
Consulting
|
|
|
|
||||
Mercer
|
1,228
|
|
|
4,732
|
|
||
Oliver Wyman Group
|
577
|
|
|
2,047
|
|
||
Total Consulting
|
1,805
|
|
|
6,779
|
|
||
Corporate Eliminations
|
(18
|
)
|
|
(57
|
)
|
||
Total Revenue
|
$
|
3,712
|
|
|
$
|
14,950
|
|
JLT 2018
|
|
|
|
||||
Specialty (Marsh)
|
$
|
407
|
|
|
$
|
1,018
|
|
Reinsurance (Guy Carpenter)
|
48
|
|
|
156
|
|
||
Employee Benefits (Mercer)
|
96
|
|
|
269
|
|
||
Subtotal
|
551
|
|
|
1,443
|
|
||
Fiduciary Interest Income
|
5
|
|
|
13
|
|
||
Total Revenue
|
$
|
556
|
|
|
$
|
1,456
|
|
2018 Including JLT
|
|
|
|
||||
Marsh
|
$
|
2,211
|
|
|
$
|
7,895
|
|
Guy Carpenter
|
150
|
|
|
1,442
|
|
||
Subtotal
|
2,361
|
|
|
9,337
|
|
||
Fiduciary Interest Income
|
24
|
|
|
78
|
|
||
Total Risk & Insurance Services
|
2,385
|
|
|
9,415
|
|
||
Consulting
|
|
|
|
||||
Mercer
|
1,324
|
|
|
5,001
|
|
||
Oliver Wyman Group
|
577
|
|
|
2,047
|
|
||
Total Consulting
|
1,901
|
|
|
7,048
|
|
||
Corporate Eliminations
|
(18
|
)
|
|
(57
|
)
|
||
Total Revenue Including JLT
|
$
|
4,268
|
|
|
$
|
16,406
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In millions of dollars)
|
December 31, 2019
|
|
|
Cash and cash equivalents invested in money market funds, certificates of deposit and time deposits
|
$
|
1,155
|
|
Fiduciary cash and investments
|
$
|
7,344
|
|
For the Years Ended December 31,
|
|
|
|
|
|
|
||||||
(In millions, except per share figures)
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Revenue
|
|
$
|
16,652
|
|
|
$
|
14,950
|
|
|
$
|
14,024
|
|
Expense:
|
|
|
|
|
|
|
||||||
Compensation and benefits
|
|
9,734
|
|
|
8,605
|
|
|
8,085
|
|
|||
Other operating expenses
|
|
4,241
|
|
|
3,584
|
|
|
3,284
|
|
|||
Operating expenses
|
|
13,975
|
|
|
12,189
|
|
|
11,369
|
|
|||
Operating income
|
|
2,677
|
|
|
2,761
|
|
|
2,655
|
|
|||
Other net benefits credits
|
|
265
|
|
|
215
|
|
|
201
|
|
|||
Interest income
|
|
39
|
|
|
11
|
|
|
9
|
|
|||
Interest expense
|
|
(524
|
)
|
|
(290
|
)
|
|
(237
|
)
|
|||
Cost of extinguishment of debt
|
|
(32
|
)
|
|
—
|
|
|
—
|
|
|||
Investment income (loss)
|
|
22
|
|
|
(12
|
)
|
|
15
|
|
|||
Acquisition related derivative contracts
|
|
(8
|
)
|
|
(441
|
)
|
|
—
|
|
|||
Income before income taxes
|
|
2,439
|
|
|
2,244
|
|
|
2,643
|
|
|||
Income tax expense
|
|
666
|
|
|
574
|
|
|
1,133
|
|
|||
Income from continuing operations
|
|
1,773
|
|
|
1,670
|
|
|
1,510
|
|
|||
Discontinued operations, net of tax
|
|
—
|
|
|
—
|
|
|
2
|
|
|||
Net income before non-controlling interests
|
|
1,773
|
|
|
1,670
|
|
|
1,512
|
|
|||
Less: Net income attributable to non-controlling interests
|
|
31
|
|
|
20
|
|
|
20
|
|
|||
Net income attributable to the Company
|
|
$
|
1,742
|
|
|
$
|
1,650
|
|
|
$
|
1,492
|
|
Basic net income per share
|
|
|
|
|
|
|
||||||
– Continuing operations
|
|
$
|
3.44
|
|
|
$
|
3.26
|
|
|
$
|
2.91
|
|
– Net income attributable to the Company
|
|
$
|
3.44
|
|
|
$
|
3.26
|
|
|
$
|
2.91
|
|
Diluted net income per share
|
|
|
|
|
|
|
||||||
– Continuing operations
|
|
$
|
3.41
|
|
|
$
|
3.23
|
|
|
$
|
2.87
|
|
– Net income attributable to the Company
|
|
$
|
3.41
|
|
|
$
|
3.23
|
|
|
$
|
2.87
|
|
Average number of shares outstanding
|
|
|
|
|
|
|
||||||
– Basic
|
|
506
|
|
|
506
|
|
|
513
|
|
|||
– Diluted
|
|
511
|
|
|
511
|
|
|
519
|
|
|||
Shares outstanding at December 31,
|
|
504
|
|
|
504
|
|
|
509
|
|
For the Years Ended December 31,
(In millions)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Net income before non-controlling interests
|
$
|
1,773
|
|
|
$
|
1,670
|
|
|
$
|
1,512
|
|
Other comprehensive (loss) income, before tax:
|
|
|
|
|
|
||||||
Foreign currency translation adjustments
|
148
|
|
|
(529
|
)
|
|
717
|
|
|||
Unrealized investment (loss) income
|
—
|
|
|
—
|
|
|
(7
|
)
|
|||
(Loss) gain related to pension/post-retirement plans
|
(702
|
)
|
|
(91
|
)
|
|
408
|
|
|||
Other comprehensive (loss) income, before tax
|
(554
|
)
|
|
(620
|
)
|
|
1,118
|
|
|||
Income tax (credit) expense on other comprehensive (loss) income
|
(146
|
)
|
|
(30
|
)
|
|
68
|
|
|||
Other comprehensive (loss) income, net of tax
|
(408
|
)
|
|
(590
|
)
|
|
1,050
|
|
|||
Comprehensive income
|
1,365
|
|
|
1,080
|
|
|
2,562
|
|
|||
Less: Comprehensive income attributable to non-controlling interests
|
31
|
|
|
20
|
|
|
20
|
|
|||
Comprehensive income attributable to the Company
|
$
|
1,334
|
|
|
$
|
1,060
|
|
|
$
|
2,542
|
|
December 31,
|
|
|
|
||||
(In millions, except share figures)
|
2019
|
|
|
2018
|
|
||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,155
|
|
|
$
|
1,066
|
|
Receivables
|
|
|
|
||||
Commissions and fees
|
4,608
|
|
|
3,984
|
|
||
Advanced premiums and claims
|
123
|
|
|
79
|
|
||
Other
|
645
|
|
|
366
|
|
||
|
5,376
|
|
|
4,429
|
|
||
Less-allowance for doubtful accounts and cancellations
|
(140
|
)
|
|
(112
|
)
|
||
Net receivables
|
5,236
|
|
|
4,317
|
|
||
Other current assets
|
677
|
|
|
551
|
|
||
Total current assets
|
7,068
|
|
|
5,934
|
|
||
Goodwill
|
14,671
|
|
|
9,599
|
|
||
Other intangible assets
|
2,774
|
|
|
1,437
|
|
||
Fixed assets, net
|
858
|
|
|
701
|
|
||
Pension related assets
|
1,632
|
|
|
1,688
|
|
||
Right of use assets
|
1,921
|
|
|
—
|
|
||
Deferred tax assets
|
676
|
|
|
680
|
|
||
Other assets
|
1,757
|
|
|
1,539
|
|
||
|
$
|
31,357
|
|
|
$
|
21,578
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Short-term debt
|
$
|
1,215
|
|
|
$
|
314
|
|
Accounts payable and accrued liabilities
|
2,746
|
|
|
2,234
|
|
||
Accrued compensation and employee benefits
|
2,197
|
|
|
1,778
|
|
||
Acquisition related derivatives
|
—
|
|
|
441
|
|
||
Current lease liabilities
|
342
|
|
|
—
|
|
||
Accrued income taxes
|
179
|
|
|
157
|
|
||
Total current liabilities
|
6,679
|
|
|
4,924
|
|
||
Fiduciary liabilities
|
7,344
|
|
|
5,001
|
|
||
Less – cash and investments held in a fiduciary capacity
|
(7,344
|
)
|
|
(5,001
|
)
|
||
|
—
|
|
|
—
|
|
||
Long-term debt
|
10,741
|
|
|
5,510
|
|
||
Pension, postretirement and postemployment benefits
|
2,336
|
|
|
1,911
|
|
||
Long-term lease liabilities
|
1,926
|
|
|
—
|
|
||
Liability for errors and omissions
|
335
|
|
|
287
|
|
||
Other liabilities
|
1,397
|
|
|
1,362
|
|
||
Commitments and contingencies
|
—
|
|
|
—
|
|
||
Equity:
|
|
|
|
||||
Preferred stock, $1 par value, authorized 6,000,000 shares, none issued
|
—
|
|
|
—
|
|
||
Common stock, $1 par value, authorized
|
|
|
|
||||
1,600,000,000 shares, issued 560,641,640 shares at December 31, 2019 and December 31, 2018
|
561
|
|
|
561
|
|
||
Additional paid-in capital
|
862
|
|
|
817
|
|
||
Retained earnings
|
15,199
|
|
|
14,347
|
|
||
Accumulated other comprehensive loss
|
(5,055
|
)
|
|
(4,647
|
)
|
||
Non-controlling interests
|
150
|
|
|
73
|
|
||
|
11,717
|
|
|
11,151
|
|
||
Less – treasury shares, at cost, 57,013,097 shares at December 31, 2019 and 56,804,468 shares at December 31, 2018
|
(3,774
|
)
|
|
(3,567
|
)
|
||
Total equity
|
7,943
|
|
|
7,584
|
|
||
|
$
|
31,357
|
|
|
$
|
21,578
|
|
For the Years Ended December 31,
|
|
|
|
|
|
||||||
(In millions)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Operating cash flows:
|
|
|
|
|
|
||||||
Net income before non-controlling interests
|
$
|
1,773
|
|
|
$
|
1,670
|
|
|
$
|
1,512
|
|
Adjustments to reconcile net income to cash provided by operations:
|
|
|
|
|
|
||||||
Depreciation and amortization of fixed assets and capitalized software
|
333
|
|
|
311
|
|
|
312
|
|
|||
Amortization of intangible assets
|
314
|
|
|
183
|
|
|
169
|
|
|||
Non cash lease expense
|
315
|
|
|
—
|
|
|
—
|
|
|||
Adjustments and payments related to contingent consideration liability
|
27
|
|
|
(4
|
)
|
|
(24
|
)
|
|||
Loss on deconsolidation of entity
|
—
|
|
|
11
|
|
|
—
|
|
|||
Charge for early extinguishment of debt
|
32
|
|
|
—
|
|
|
—
|
|
|||
Provision (Benefit) for deferred income taxes
|
84
|
|
|
(39
|
)
|
|
396
|
|
|||
(Gain) loss on investments
|
(22
|
)
|
|
12
|
|
|
(15
|
)
|
|||
Loss (gain) on disposition of assets
|
56
|
|
|
(48
|
)
|
|
10
|
|
|||
Share-based compensation expense
|
252
|
|
|
193
|
|
|
149
|
|
|||
Change in fair value of acquisition-related derivative contracts
|
8
|
|
|
441
|
|
|
—
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Net receivables
|
(130
|
)
|
|
(78
|
)
|
|
(454
|
)
|
|||
Other current assets
|
(13
|
)
|
|
26
|
|
|
(3
|
)
|
|||
Other assets
|
(1
|
)
|
|
(37
|
)
|
|
(199
|
)
|
|||
Accounts payable and accrued liabilities
|
120
|
|
|
23
|
|
|
87
|
|
|||
Accrued compensation and employee benefits
|
154
|
|
|
68
|
|
|
63
|
|
|||
Accrued income taxes
|
42
|
|
|
(40
|
)
|
|
37
|
|
|||
Contributions to pension and other benefit plans in excess of current year expense/credit
|
(369
|
)
|
|
(291
|
)
|
|
(457
|
)
|
|||
Other liabilities
|
(172
|
)
|
|
9
|
|
|
406
|
|
|||
Operating lease liabilities
|
(327
|
)
|
|
—
|
|
|
—
|
|
|||
Effect of exchange rate changes
|
(115
|
)
|
|
18
|
|
|
(96
|
)
|
|||
Net cash provided by operations
|
2,361
|
|
|
2,428
|
|
|
1,893
|
|
|||
Financing cash flows:
|
|
|
|
|
|
||||||
Purchase of treasury shares
|
(485
|
)
|
|
(675
|
)
|
|
(900
|
)
|
|||
Net increase in short term borrowings
|
300
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from issuance of debt
|
6,459
|
|
|
591
|
|
|
987
|
|
|||
Repayments of debt
|
(1,064
|
)
|
|
(263
|
)
|
|
(315
|
)
|
|||
Payment of bridge loan fees
|
—
|
|
|
(35
|
)
|
|
—
|
|
|||
Payments for early extinguishment of debt
|
(585
|
)
|
|
—
|
|
|
—
|
|
|||
Purchase of non-controlling interests
|
(80
|
)
|
|
—
|
|
|
—
|
|
|||
Acquisition-related derivative payments
|
(337
|
)
|
|
—
|
|
|
—
|
|
|||
Shares withheld for taxes on vested units – treasury shares
|
(89
|
)
|
|
(67
|
)
|
|
(49
|
)
|
|||
Issuance of common stock from treasury shares
|
158
|
|
|
93
|
|
|
166
|
|
|||
Payments of deferred and contingent consideration for acquisitions
|
(65
|
)
|
|
(117
|
)
|
|
(136
|
)
|
|||
Distributions of non-controlling interests
|
(16
|
)
|
|
(30
|
)
|
|
(22
|
)
|
|||
Dividends paid
|
(890
|
)
|
|
(807
|
)
|
|
(740
|
)
|
|||
Net cash provided by (used for) financing activities
|
3,306
|
|
|
(1,310
|
)
|
|
(1,009
|
)
|
|||
Investing cash flows:
|
|
|
|
|
|
||||||
Capital expenditures
|
(421
|
)
|
|
(314
|
)
|
|
(302
|
)
|
|||
Net sales (purchases) of long-term investments
|
183
|
|
|
4
|
|
|
(13
|
)
|
|||
Purchase of equity investment
|
(91
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from sales of fixed assets
|
10
|
|
|
3
|
|
|
8
|
|
|||
Dispositions
|
229
|
|
|
110
|
|
|
—
|
|
|||
Acquisitions
|
(5,505
|
)
|
|
(884
|
)
|
|
(655
|
)
|
|||
Other, net
|
(76
|
)
|
|
(8
|
)
|
|
6
|
|
|||
Net cash used for investing activities
|
(5,671
|
)
|
|
(1,089
|
)
|
|
(956
|
)
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
93
|
|
|
(168
|
)
|
|
251
|
|
|||
increase (Decrease) in cash and cash equivalents
|
89
|
|
|
(139
|
)
|
|
179
|
|
|||
Cash and cash equivalents at beginning of year
|
1,066
|
|
|
1,205
|
|
|
1,026
|
|
|||
Cash and cash equivalents at end of year
|
$
|
1,155
|
|
|
$
|
1,066
|
|
|
$
|
1,205
|
|
For the Years Ended December 31,
|
|
|
|
|
|
||||||
(In millions, except per share figures)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
COMMON STOCK
|
|
|
|
|
|
||||||
Balance, beginning and end of year
|
$
|
561
|
|
|
$
|
561
|
|
|
$
|
561
|
|
ADDITIONAL PAID-IN CAPITAL
|
|
|
|
|
|
||||||
Balance, beginning of year
|
$
|
817
|
|
|
$
|
784
|
|
|
$
|
842
|
|
Change in accrued stock compensation costs
|
89
|
|
|
66
|
|
|
63
|
|
|||
Issuance of shares under stock compensation plans and employee stock purchase plans and related tax impact
|
(44
|
)
|
|
(35
|
)
|
|
(120
|
)
|
|||
Other
|
—
|
|
|
2
|
|
|
(1
|
)
|
|||
Balance, end of year
|
$
|
862
|
|
|
$
|
817
|
|
|
$
|
784
|
|
RETAINED EARNINGS
|
|
|
|
|
|
||||||
Balance, beginning of year
|
$
|
14,347
|
|
|
$
|
13,140
|
|
|
$
|
12,388
|
|
Net income attributable to the Company
|
1,742
|
|
|
1,650
|
|
|
1,492
|
|
|||
Cumulative effect of adoption of the revenue recognition standard (See Note 1)
|
—
|
|
|
364
|
|
|
—
|
|
|||
Cumulative effect of adoption of other accounting standards (See Note 1)
|
—
|
|
|
—
|
|
|
—
|
|
|||
Dividend equivalents declared and paid - (per share amounts: $1.74 in 2019, $1.58 in 2018, and $1.43 in 2017)
|
(10
|
)
|
|
(7
|
)
|
|
(6
|
)
|
|||
Dividends declared and paid – (per share amounts: $1.74 in 2019, $1.58 in 2018, and $1.43 in 2017)
|
(880
|
)
|
|
(800
|
)
|
|
(734
|
)
|
|||
Balance, end of year
|
$
|
15,199
|
|
|
$
|
14,347
|
|
|
$
|
13,140
|
|
ACCUMULATED OTHER COMPREHENSIVE LOSS
|
|
|
|
|
|
||||||
Balance, beginning of year
|
$
|
(4,647
|
)
|
|
$
|
(4,043
|
)
|
|
$
|
(5,093
|
)
|
Cumulative effect of adoption of the financial instruments standard (See Note 1)
|
—
|
|
|
(14
|
)
|
|
—
|
|
|||
Other comprehensive (loss) income, net of tax
|
(408
|
)
|
|
(590
|
)
|
|
1,050
|
|
|||
Balance, end of year
|
$
|
(5,055
|
)
|
|
$
|
(4,647
|
)
|
|
$
|
(4,043
|
)
|
TREASURY SHARES
|
|
|
|
|
|
||||||
Balance, beginning of year
|
$
|
(3,567
|
)
|
|
$
|
(3,083
|
)
|
|
$
|
(2,506
|
)
|
Issuance of shares under stock compensation plans and employee stock purchase plans
|
278
|
|
|
191
|
|
|
323
|
|
|||
Purchase of treasury shares
|
(485
|
)
|
|
(675
|
)
|
|
(900
|
)
|
|||
Balance, end of year
|
$
|
(3,774
|
)
|
|
$
|
(3,567
|
)
|
|
$
|
(3,083
|
)
|
NON-CONTROLLING INTERESTS
|
|
|
|
|
|
||||||
Balance, beginning of year
|
$
|
73
|
|
|
$
|
83
|
|
|
$
|
80
|
|
Net income attributable to non-controlling interests
|
31
|
|
|
20
|
|
|
20
|
|
|||
Distributions and other changes
|
(27
|
)
|
|
(30
|
)
|
|
(17
|
)
|
|||
Net non-controlling interests acquired
|
73
|
|
|
—
|
|
|
—
|
|
|||
Balance, end of year
|
$
|
150
|
|
|
$
|
73
|
|
|
$
|
83
|
|
TOTAL EQUITY
|
$
|
7,943
|
|
|
$
|
7,584
|
|
|
$
|
7,442
|
|
December 31,
|
|
|
|
|
||||
(In millions of dollars)
|
|
2019
|
|
|
2018
|
|
||
Furniture and equipment
|
|
$
|
1,268
|
|
|
$
|
1,159
|
|
Land and buildings
|
|
377
|
|
|
377
|
|
||
Leasehold and building improvements
|
|
1,214
|
|
|
1,007
|
|
||
|
|
2,859
|
|
|
2,543
|
|
||
Less-accumulated depreciation and amortization
|
|
(2,001
|
)
|
|
(1,842
|
)
|
||
|
|
$
|
858
|
|
|
$
|
701
|
|
|
|
Twelve Months Ended December 31,
|
||||||||||
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Marsh:
|
|
|
|
|
|
|
||||||
EMEA
|
|
$
|
2,482
|
|
|
$
|
2,132
|
|
|
$
|
2,033
|
|
Asia Pacific
|
|
953
|
|
|
683
|
|
|
645
|
|
|||
Latin America
|
|
460
|
|
|
400
|
|
|
404
|
|
|||
Total International
|
|
3,895
|
|
|
3,215
|
|
|
3,082
|
|
|||
U.S./Canada
|
|
4,119
|
|
|
3,662
|
|
|
3,322
|
|
|||
Total Marsh
|
|
8,014
|
|
|
6,877
|
|
|
6,404
|
|
|||
Guy Carpenter
|
|
1,480
|
|
|
1,286
|
|
|
1,187
|
|
|||
Subtotal
|
|
9,494
|
|
|
8,163
|
|
|
7,591
|
|
|||
Fiduciary interest income
|
|
105
|
|
|
65
|
|
|
39
|
|
|||
Total Risk and Insurance Services
|
|
$
|
9,599
|
|
|
$
|
8,228
|
|
|
$
|
7,630
|
|
|
|
|
|
|
|
|
||||||
Mercer:
|
|
|
|
|
|
|
||||||
Wealth
|
|
$
|
2,369
|
|
|
$
|
2,185
|
|
|
$
|
2,148
|
|
Health
|
|
1,796
|
|
|
1,735
|
|
|
1,648
|
|
|||
Career
|
|
856
|
|
|
812
|
|
|
732
|
|
|||
Total Mercer
|
|
5,021
|
|
|
4,732
|
|
|
4,528
|
|
|||
Oliver Wyman
|
|
2,122
|
|
|
2,047
|
|
|
1,916
|
|
|||
Total Consulting
|
|
$
|
7,143
|
|
|
$
|
6,779
|
|
|
$
|
6,444
|
|
(In millions)
|
|
December 31, 2019
|
|
|
December 31, 2018
|
|
|
January 1, 2018
|
|
|||
Contract Assets
|
|
$
|
207
|
|
|
$
|
112
|
|
|
$
|
128
|
|
Contract Liabilities
|
|
$
|
593
|
|
|
$
|
545
|
|
|
$
|
583
|
|
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Assets acquired, excluding cash
|
$
|
8,655
|
|
|
$
|
1,100
|
|
|
$
|
898
|
|
Liabilities assumed
|
(2,804
|
)
|
|
(83
|
)
|
|
(134
|
)
|
|||
Non-controlling interests assumed
|
(280
|
)
|
|
—
|
|
|
—
|
|
|||
Contingent/deferred purchase consideration
|
(66
|
)
|
|
(133
|
)
|
|
(109
|
)
|
|||
Net cash outflow for acquisitions
|
$
|
5,505
|
|
|
$
|
884
|
|
|
$
|
655
|
|
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Interest paid
|
$
|
427
|
|
|
$
|
264
|
|
|
$
|
199
|
|
Income taxes paid, net of refunds
|
$
|
661
|
|
|
$
|
632
|
|
|
$
|
583
|
|
For the Years Ended December 31,
|
|||||||||||
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Balance at beginning of year
|
$
|
112
|
|
|
$
|
110
|
|
|
$
|
96
|
|
Provision charged to operations
|
32
|
|
|
34
|
|
|
31
|
|
|||
Accounts written-off, net of recoveries
|
(16
|
)
|
|
(24
|
)
|
|
(17
|
)
|
|||
Effect of exchange rate changes and other
|
12
|
|
|
(8
|
)
|
|
—
|
|
|||
Balance at end of year
|
$
|
140
|
|
|
$
|
112
|
|
|
$
|
110
|
|
(In millions of dollars)
|
Unrealized Investment Gains (Losses)
|
|
Pension/Post-Retirement Plans Gains (Losses)
|
|
Foreign Currency Translation Adjustments
|
|
Total
|
||||||||
Balance as of January 1, 2019
|
$
|
—
|
|
|
$
|
(2,953
|
)
|
|
$
|
(1,694
|
)
|
|
$
|
(4,647
|
)
|
Other comprehensive (loss) gain before reclassifications
|
—
|
|
|
(643
|
)
|
|
151
|
|
|
(492
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
84
|
|
|
—
|
|
|
84
|
|
||||
Net current period other comprehensive (loss) gain
|
—
|
|
|
(559
|
)
|
|
151
|
|
|
(408
|
)
|
||||
Balance as of December 31, 2019
|
$
|
—
|
|
|
$
|
(3,512
|
)
|
|
$
|
(1,543
|
)
|
|
$
|
(5,055
|
)
|
(In millions of dollars)
|
Unrealized Investment Gains (Losses)
|
|
Pension/Post-Retirement Plans Gains (Losses)
|
|
Foreign Currency Translation Adjustments
|
|
Total
|
||||||||
Balance as of January 1, 2018
|
$
|
14
|
|
|
$
|
(2,892
|
)
|
|
$
|
(1,165
|
)
|
|
$
|
(4,043
|
)
|
Cumulative effect of amended accounting standard
|
(14
|
)
|
|
—
|
|
|
—
|
|
|
(14
|
)
|
||||
Other comprehensive loss before reclassifications
|
—
|
|
|
(205
|
)
|
|
(529
|
)
|
|
(734
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
144
|
|
|
—
|
|
|
144
|
|
||||
Net current period other comprehensive loss
|
—
|
|
|
(61
|
)
|
|
(529
|
)
|
|
(590
|
)
|
||||
Balance as of December 31, 2018
|
$
|
—
|
|
|
$
|
(2,953
|
)
|
|
$
|
(1,694
|
)
|
|
$
|
(4,647
|
)
|
(In millions of dollars)
|
December 31, 2019
|
|
|
December 31, 2018
|
|
||
Foreign currency translation adjustments (net of deferred tax asset of $14 in 2019 and net of deferred tax asset of $15 in 2018)
|
$
|
(1,543
|
)
|
|
$
|
(1,694
|
)
|
Net charges related to pension/post-retirement plans (net of deferred tax asset of $1,635 and $1,493 in 2019 and 2018, respectively)
|
(3,512
|
)
|
|
(2,953
|
)
|
||
|
$
|
(5,055
|
)
|
|
$
|
(4,647
|
)
|
•
|
February – MMA acquired Bouchard Insurance, Inc., a Florida-based full service agency and Employee Benefits Group, Inc., a Maryland-based independent insurance agency.
|
•
|
April – MMA acquired Lovitt & Touche, Inc., an Arizona-based insurance agency and The Centurion Group, LLC, a Pennsylvania-based retirement consulting, asset management and benefit plan advisory firm.
|
•
|
October – MMA acquired Benefits Reports Insurance Services, Inc., a Massachusetts-based independent insurance agency.
|
Acquisitions for the Year-Ended December 31, 2019
|
|
|
Total Acquisitions
|
||||||
(In millions)
|
JLT
|
Other
|
|||||||
Cash
|
$
|
5,568
|
|
$
|
293
|
|
$
|
5,861
|
|
Estimated fair value of deferred/contingent consideration
|
—
|
|
66
|
|
66
|
|
|||
Total consideration
|
$
|
5,568
|
|
$
|
359
|
|
$
|
5,927
|
|
Allocation of purchase price:
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
349
|
|
$
|
7
|
|
$
|
356
|
|
Accounts receivable, net
|
695
|
|
6
|
|
701
|
|
|||
Other current assets
|
132
|
|
—
|
|
132
|
|
|||
Fixed assets, net
|
89
|
|
1
|
|
90
|
|
|||
Other intangible assets
|
1,545
|
|
134
|
|
1,679
|
|
|||
Goodwill
|
4,912
|
|
212
|
|
5,124
|
|
|||
Right of use assets
|
382
|
|
—
|
|
382
|
|
|||
Deferred tax assets
|
66
|
|
—
|
|
66
|
|
|||
Other assets
|
473
|
|
8
|
|
481
|
|
|||
Total assets acquired
|
8,643
|
|
368
|
|
9,011
|
|
|||
Current liabilities
|
708
|
|
9
|
|
717
|
|
|||
Fiduciary liabilities
|
1,275
|
|
—
|
|
1,275
|
|
|||
Less - fiduciary assets
|
(1,275
|
)
|
—
|
|
(1,275
|
)
|
|||
Long-term debt
|
1,044
|
|
—
|
|
1,044
|
|
|||
Long-term lease liability
|
389
|
|
—
|
|
389
|
|
|||
Pension, post-retirement and post-employment liabilities
|
248
|
|
—
|
|
248
|
|
|||
Liabilities for errors and omissions
|
31
|
|
—
|
|
31
|
|
|||
Other liabilities
|
375
|
|
—
|
|
375
|
|
|||
Total liabilities assumed
|
2,795
|
|
9
|
|
2,804
|
|
|||
Non-controlling interests
|
280
|
|
—
|
|
280
|
|
|||
Net assets acquired
|
$
|
5,568
|
|
$
|
359
|
|
$
|
5,927
|
|
•
|
Amounts of intangible assets, fixed assets, capitalized software assets and right-of-use assets, subject to finalization of valuation efforts;
|
•
|
Amounts for contingencies, pending the finalization of the Company’s assessment of the portfolio of contingencies;
|
•
|
Amounts for deferred tax assets and liabilities pending the finalization of valuations of the assets acquired, liabilities assumed and associated goodwill discussed below; and
|
•
|
Amounts for income tax assets, receivables and liabilities, pending the filing of the acquired companies' pre-acquisition income tax returns and receipt of information from taxing authorities which may change certain estimates and assumptions used.
|
Intangible assets through December 31, 2019
(In millions)
|
|
JLT
|
|
Other
|
|
Total
|
|
JLT Weighted Average Amortization Period
|
|
Other Weighted Average Amortization Period
|
||||||
Customer relationships
|
|
$
|
1,435
|
|
|
$
|
126
|
|
|
$
|
1,561
|
|
|
13 years
|
|
12 years
|
Other
|
|
110
|
|
|
8
|
|
|
118
|
|
|
4 years
|
|
4 years
|
|||
|
|
$
|
1,545
|
|
|
$
|
134
|
|
|
$
|
1,679
|
|
|
|
|
|
•
|
February – MMA acquired Highsmith Insurance Agency, a North Carolina-based independent insurance brokerage firm.
|
•
|
March – Marsh acquired Hoken Soken, Inc., a Japan-based insurance agency.
|
•
|
May – Marsh acquired Mountlodge Limited, a Scotland-based independent insurance broker and Lorant Martínez Salas y Compañía Agente de Seguros y de Fianzas, S.A. de C.V., a Mexico-based multi-line insurance broker.
|
•
|
June – MMA acquired Bleakley Insurance Services, a California-based provider of employee benefits solutions; Klein Agency, Inc., a Minnesota-based surety and property/casualty agency; and Insurance Associates, Inc., a Maryland-based independent insurance agency.
|
•
|
August – Marsh acquired John L. Wortham & Son, L.P., a Houston-based independent insurance broker.
|
•
|
October – MMA acquired Eustis Insurance, Inc., a Louisiana-based insurance agency.
|
•
|
November – MMA acquired James P. Murphy & Associates, Inc., a Connecticut-based insurance agency.
|
•
|
December – MMA acquired Otis-Magie Insurance Agency, Inc., a Minnesota-based insurance agency, and Marsh acquired Hector Insurance PCC Ltd, a U.K.-based captive management company.
|
•
|
January – Oliver Wyman acquired Draw Ltd., a U.K.-based digital transformation agency.
|
•
|
March – Oliver Wyman acquired 8Works Limited, a U.K.-based design thinking consultancy.
|
•
|
May – Mercer acquired EverBe SAS, a France-based Workday implementer and advisory firm; and Evolve Intelligence Pty Ltd., an Australia-based talent strategy firm.
|
•
|
June – Mercer acquired India Life Capital Private Ltd., an India-based investment advisor.
|
•
|
November – Mercer acquired Induslynk Training Services Private Ltd., an India-based talent assessment company, Pavilion Financial Corp., a Canada-based investment services firm and Summit Strategies Inc., a Missouri-based investment consulting firm.
|
|
Years Ended December 31,
|
||||||||||
(In millions, except per share data)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Revenue
|
$
|
17,095
|
|
|
$
|
17,106
|
|
|
$
|
14,400
|
|
Net income attributable to the Company
|
$
|
1,866
|
|
|
$
|
1,302
|
|
|
$
|
1,498
|
|
Basic net income per share attributable to the Company
|
$
|
3.69
|
|
|
$
|
2.58
|
|
|
$
|
2.92
|
|
Diluted net income per share attributable to the Company
|
$
|
3.65
|
|
|
$
|
2.55
|
|
|
$
|
2.89
|
|
(In millions of dollars)
|
2019
|
|
|
2018
|
|
||
Balance as of January 1, as reported
|
$
|
9,599
|
|
|
$
|
9,089
|
|
Goodwill acquired (a)
|
5,124
|
|
|
626
|
|
||
Other adjustments (b)
|
(52
|
)
|
|
(116
|
)
|
||
Balance at December 31,
|
$
|
14,671
|
|
|
$
|
9,599
|
|
(In millions of dollars)
|
2019
|
|
2018
|
||||||||||||||||||||
|
Gross
Cost
|
|
|
Accumulated
Amortization
|
|
|
Net
Carrying
Amount
|
|
|
Gross
Cost
|
|
|
Accumulated
Amortization
|
|
|
Net
Carrying
Amount
|
|
||||||
Customer relationships
|
$
|
3,494
|
|
|
$
|
897
|
|
|
$
|
2,597
|
|
|
$
|
1,970
|
|
|
$
|
639
|
|
|
$
|
1,331
|
|
Other (a)
|
380
|
|
|
203
|
|
|
177
|
|
|
259
|
|
|
153
|
|
|
106
|
|
||||||
Amortized intangibles
|
$
|
3,874
|
|
|
$
|
1,100
|
|
|
$
|
2,774
|
|
|
$
|
2,229
|
|
|
$
|
792
|
|
|
$
|
1,437
|
|
For the Years Ending December 31,
|
|
||
(In millions of dollars)
|
|
||
2020
|
$
|
344
|
|
2021
|
328
|
|
|
2022
|
299
|
|
|
2023
|
278
|
|
|
2024
|
267
|
|
|
Subsequent years
|
1,258
|
|
|
|
$
|
2,774
|
|
For the Years Ended December 31,
|
|||||||||||
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Income before income taxes:
|
|
|
|
|
|
||||||
U.S.
|
$
|
657
|
|
|
$
|
460
|
|
|
$
|
819
|
|
Other
|
1,782
|
|
|
1,784
|
|
|
1,824
|
|
|||
|
$
|
2,439
|
|
|
$
|
2,244
|
|
|
$
|
2,643
|
|
|
|
|
|
|
|
||||||
The expense (benefit) for income taxes is comprised of:
|
|
|
|
|
|||||||
Current –
|
|
|
|
|
|
||||||
U.S. Federal
|
$
|
70
|
|
|
$
|
82
|
|
|
$
|
313
|
|
Other national governments
|
455
|
|
|
449
|
|
|
388
|
|
|||
U.S. state and local
|
57
|
|
|
82
|
|
|
36
|
|
|||
|
582
|
|
|
613
|
|
|
737
|
|
|||
Deferred –
|
|
|
|
|
|
||||||
U.S. Federal
|
69
|
|
|
(30
|
)
|
|
286
|
|
|||
Other national governments
|
(16
|
)
|
|
(1
|
)
|
|
72
|
|
|||
U.S. state and local
|
31
|
|
|
(8
|
)
|
|
38
|
|
|||
|
84
|
|
|
(39
|
)
|
|
396
|
|
|||
Total income taxes
|
$
|
666
|
|
|
$
|
574
|
|
|
$
|
1,133
|
|
December 31,
|
|||||||
(In millions of dollars)
|
2019
|
|
|
2018
|
|
||
Deferred tax assets:
|
|
|
|
||||
Accrued expenses not currently deductible
|
$
|
492
|
|
|
$
|
526
|
|
Differences related to non-U.S. operations (a)
|
324
|
|
|
170
|
|
||
Accrued U.S. retirement benefits
|
438
|
|
|
406
|
|
||
Net operating losses (b)
|
70
|
|
|
48
|
|
||
Income currently recognized for tax
|
19
|
|
|
20
|
|
||
Other
|
27
|
|
|
16
|
|
||
|
$
|
1,370
|
|
|
$
|
1,186
|
|
Deferred tax liabilities:
|
|
|
|
||||
Differences related to non-U.S. operations
|
$
|
400
|
|
|
$
|
287
|
|
Depreciation and amortization
|
594
|
|
|
342
|
|
||
Accrued retirement & postretirement benefits - non-U.S. operations
|
151
|
|
|
171
|
|
||
Capitalized expenses currently recognized for tax
|
77
|
|
|
78
|
|
||
Other
|
37
|
|
|
49
|
|
||
|
$
|
1,259
|
|
|
$
|
927
|
|
(a)
|
Net of valuation allowances of $54 million in 2019 and $21 million in 2018.
|
(b)
|
Net of valuation allowances of $72 million in 2019 and $45 million in 2018.
|
December 31,
|
|||||||
(In millions of dollars)
|
2019
|
|
|
2018
|
|
||
Balance sheet classifications:
|
|
|
|
||||
Deferred tax assets
|
$
|
676
|
|
|
$
|
680
|
|
Other liabilities
|
$
|
565
|
|
|
$
|
421
|
|
For the Years Ended December 31,
|
2019
|
|
|
2018
|
|
|
2017
|
|
U.S. Federal statutory rate
|
21.0
|
%
|
|
21.0
|
%
|
|
35.0
|
%
|
U.S. state and local income taxes—net of U.S. Federal income tax benefit
|
3.0
|
|
|
2.3
|
|
|
1.5
|
|
Differences related to non-U.S. operations
|
3.0
|
|
|
3.3
|
|
|
(8.6
|
)
|
U.S. Tax Reform
|
—
|
|
|
(0.3
|
)
|
|
17.4
|
|
Equity compensation
|
(1.3
|
)
|
|
(1.0
|
)
|
|
(2.6
|
)
|
Other
|
1.6
|
|
|
0.3
|
|
|
0.2
|
|
Effective tax rate
|
27.3
|
%
|
|
25.6
|
%
|
|
42.9
|
%
|
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Balance at January 1,
|
$
|
78
|
|
|
$
|
71
|
|
|
$
|
65
|
|
Additions, based on tax positions related to current year
|
8
|
|
|
6
|
|
|
1
|
|
|||
Additions for tax positions of prior years
|
15
|
|
|
6
|
|
|
14
|
|
|||
Reductions for tax positions of prior years
|
(1
|
)
|
|
—
|
|
|
(6
|
)
|
|||
Settlements
|
(1
|
)
|
|
(2
|
)
|
|
—
|
|
|||
Lapses in statutes of limitation
|
(13
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|||
Balance at December 31,
|
$
|
86
|
|
|
$
|
78
|
|
|
$
|
71
|
|
|
Pension
Benefits
|
|
Post-retirement
Benefits
|
||||||||
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Weighted average assumptions:
|
|
|
|
|
|
|
|
||||
Discount rate (for expense)
|
3.48
|
%
|
|
3.07
|
%
|
|
3.65
|
%
|
|
3.21
|
%
|
Expected return on plan assets
|
5.74
|
%
|
|
5.83
|
%
|
|
—
|
|
|
—
|
|
Rate of compensation increase (for expense)*
|
1.74
|
%
|
|
1.73
|
%
|
|
—
|
|
|
—
|
|
Discount rate (for benefit obligation)
|
2.57
|
%
|
|
3.48
|
%
|
|
2.72
|
%
|
|
3.65
|
%
|
Rate of compensation increase (for benefit obligation)*
|
1.76
|
%
|
|
1.74
|
%
|
|
—
|
|
|
—
|
|
Combined U.S. and significant non-U.S. Plans
|
Pension
|
|
Post-retirement
|
||||||||||||||||||||
For the Years Ended December 31,
|
Benefits
|
|
Benefits
|
||||||||||||||||||||
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
||||||
Service cost
|
$
|
31
|
|
|
$
|
34
|
|
|
$
|
76
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
Interest cost
|
487
|
|
|
463
|
|
|
497
|
|
|
3
|
|
|
3
|
|
|
4
|
|
||||||
Expected return on plan assets
|
(863
|
)
|
|
(864
|
)
|
|
(921
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service (credit) cost
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
1
|
|
||||||
Recognized actuarial loss (gain)
|
104
|
|
|
146
|
|
|
167
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
||||||
Net periodic benefit (credit) cost
|
$
|
(241
|
)
|
|
$
|
(223
|
)
|
|
$
|
(183
|
)
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
6
|
|
Curtailment (loss) gain
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Settlement loss
|
7
|
|
|
42
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total (credit) cost
|
$
|
(234
|
)
|
|
$
|
(181
|
)
|
|
$
|
(130
|
)
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
6
|
|
Combined U.S. and significant non-U.S. Plans
|
Pension
Benefits |
|
Post-retirement
Benefits |
||||||||||||||||||
For the Years Ended December 31,
|
|
||||||||||||||||||||
(In millions)
|
2019
|
|
|
2018
|
|
2017
|
|
|
2019
|
|
|
2018
|
|
2017
|
|
||||||
Compensation and benefits expense (Operating income)
|
$
|
31
|
|
|
$
|
34
|
|
$
|
76
|
|
|
$
|
—
|
|
|
$
|
1
|
|
$
|
1
|
|
Other net benefit (credit) cost
|
(265
|
)
|
|
(215
|
)
|
(206
|
)
|
|
—
|
|
|
—
|
|
5
|
|
||||||
Total (credit) cost
|
$
|
(234
|
)
|
|
$
|
(181
|
)
|
$
|
(130
|
)
|
|
$
|
—
|
|
|
$
|
1
|
|
$
|
6
|
|
|
U.S. Pension
Benefits
|
|
U.S. Post-retirement
Benefits
|
||||||||||||
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Change in benefit obligation:
|
|
|
|
|
|
|
|
||||||||
Benefit obligation at beginning of year
|
$
|
5,529
|
|
|
$
|
6,221
|
|
|
$
|
32
|
|
|
$
|
36
|
|
Interest cost
|
241
|
|
|
235
|
|
|
1
|
|
|
1
|
|
||||
Employee contributions
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
||||
Plan combination
|
64
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Actuarial (gain) loss
|
753
|
|
|
(502
|
)
|
|
1
|
|
|
(1
|
)
|
||||
Benefits paid
|
(265
|
)
|
|
(425
|
)
|
|
(7
|
)
|
|
(8
|
)
|
||||
Benefit obligation, December 31
|
$
|
6,322
|
|
|
$
|
5,529
|
|
|
$
|
31
|
|
|
$
|
32
|
|
Change in plan assets:
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets at beginning of year
|
$
|
4,062
|
|
|
$
|
4,787
|
|
|
$
|
1
|
|
|
$
|
2
|
|
Actual return on plan assets
|
834
|
|
|
(330
|
)
|
|
—
|
|
|
—
|
|
||||
Employer contributions
|
35
|
|
|
30
|
|
|
4
|
|
|
3
|
|
||||
Employee contributions
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
||||
Benefits paid
|
(265
|
)
|
|
(425
|
)
|
|
(7
|
)
|
|
(8
|
)
|
||||
Other
|
49
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Fair value of plan assets, December 31
|
$
|
4,715
|
|
|
$
|
4,062
|
|
|
$
|
2
|
|
|
$
|
1
|
|
Net funded status, December 31
|
$
|
(1,607
|
)
|
|
$
|
(1,467
|
)
|
|
$
|
(29
|
)
|
|
$
|
(31
|
)
|
Amounts recognized in the consolidated balance sheets:
|
|
|
|
|
|
|
|
||||||||
Current liabilities
|
$
|
(29
|
)
|
|
$
|
(28
|
)
|
|
$
|
(1
|
)
|
|
$
|
(2
|
)
|
Non-current liabilities
|
(1,578
|
)
|
|
(1,439
|
)
|
|
(28
|
)
|
|
(29
|
)
|
||||
Net liability recognized, December 31
|
$
|
(1,607
|
)
|
|
$
|
(1,467
|
)
|
|
$
|
(29
|
)
|
|
$
|
(31
|
)
|
Amounts recognized in other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Net actuarial (loss) gain
|
(2,114
|
)
|
|
(1,896
|
)
|
|
4
|
|
|
6
|
|
||||
Total recognized accumulated other comprehensive (loss) income, December 31
|
$
|
(2,114
|
)
|
|
$
|
(1,896
|
)
|
|
$
|
4
|
|
|
$
|
6
|
|
Cumulative employer contributions in excess of (less than) net periodic cost
|
507
|
|
|
429
|
|
|
(33
|
)
|
|
(37
|
)
|
||||
Net amount recognized in consolidated balance sheet
|
$
|
(1,607
|
)
|
|
$
|
(1,467
|
)
|
|
$
|
(29
|
)
|
|
$
|
(31
|
)
|
Accumulated benefit obligation at December 31
|
$
|
6,322
|
|
|
$
|
5,529
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
U.S. Pension
Benefits
|
|
U.S. Post-retirement
Benefits
|
||||||||||||
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
(1,896
|
)
|
|
$
|
(1,766
|
)
|
|
$
|
6
|
|
|
$
|
6
|
|
Recognized as component of net periodic benefit cost (credit)
|
44
|
|
|
55
|
|
|
(1
|
)
|
|
(1
|
)
|
||||
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Liability experience
|
(753
|
)
|
|
502
|
|
|
(1
|
)
|
|
1
|
|
||||
Asset experience
|
491
|
|
|
(687
|
)
|
|
—
|
|
|
—
|
|
||||
Total (loss) gain recognized as change in plan assets and benefit obligations
|
(262
|
)
|
|
(185
|
)
|
|
(1
|
)
|
|
1
|
|
||||
Net actuarial (loss) gain, December 31
|
$
|
(2,114
|
)
|
|
$
|
(1,896
|
)
|
|
$
|
4
|
|
|
$
|
6
|
|
For the Years Ended December 31,
|
U.S. Pension
Benefits
|
|
U.S. Post-retirement
Benefits
|
||||||||||||||||||||
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
||||||
Total recognized in net periodic benefit cost and other comprehensive loss (income)
|
$
|
160
|
|
|
$
|
63
|
|
|
$
|
(10
|
)
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
U.S. Pension
Benefits
|
|
U.S. Post-retirement
Benefits
|
||||
(In millions of dollars)
|
2020
|
|
|
2020
|
|
||
Net actuarial loss
|
$
|
72
|
|
|
$
|
1
|
|
|
U.S. Pension
Benefits
|
|
U.S. Post-retirement Benefits
|
||||||||
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Weighted average assumptions:
|
|
|
|
|
|
|
|
||||
Discount rate (for expense)
|
4.45
|
%
|
|
3.86
|
%
|
|
4.24
|
%
|
|
3.67
|
%
|
Expected return on plan assets
|
7.95
|
%
|
|
7.95
|
%
|
|
—
|
|
|
—
|
|
Discount rate (for benefit obligation)
|
3.44
|
%
|
|
4.45
|
%
|
|
3.10
|
%
|
|
4.24
|
%
|
U.S. Plans only
|
Pension
Benefits
|
|
Post-retirement
Benefits
|
||||||||||||||||||||
For the Years Ended December 31,
|
|
||||||||||||||||||||||
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
||||||
Interest cost
|
241
|
|
|
235
|
|
|
264
|
|
|
1
|
|
|
1
|
|
|
2
|
|
||||||
Expected return on plan assets
|
(343
|
)
|
|
(357
|
)
|
|
(357
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||
Recognized actuarial loss (gain)
|
44
|
|
|
55
|
|
|
37
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
||||||
Net periodic benefit (credit) cost
|
$
|
(58
|
)
|
|
$
|
(67
|
)
|
|
$
|
(56
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
|
|
|
|
Non-U.S. Pension
Benefits
|
|
Non-U.S.
Post-retirement Benefits
|
||||||||||||
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Change in benefit obligation:
|
|
|
|
|
|
|
|
||||||||
Benefit obligation at beginning of year
|
$
|
8,969
|
|
|
$
|
10,053
|
|
|
$
|
57
|
|
|
$
|
68
|
|
Service cost
|
31
|
|
|
34
|
|
|
—
|
|
|
1
|
|
||||
Interest cost
|
246
|
|
|
228
|
|
|
2
|
|
|
2
|
|
||||
Employee contributions
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Plan combination
|
915
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Actuarial loss (gain)
|
1,339
|
|
|
(450
|
)
|
|
3
|
|
|
(8
|
)
|
||||
Plan amendments
|
(1
|
)
|
|
44
|
|
|
—
|
|
|
—
|
|
||||
Effect of settlement
|
(25
|
)
|
|
(162
|
)
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
(364
|
)
|
|
(290
|
)
|
|
(3
|
)
|
|
(3
|
)
|
||||
Foreign currency changes
|
209
|
|
|
(491
|
)
|
|
2
|
|
|
(3
|
)
|
||||
Other
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Benefit obligation, December 31
|
$
|
11,321
|
|
|
$
|
8,969
|
|
|
$
|
61
|
|
|
$
|
57
|
|
Change in plan assets:
|
|
|
|
|
|
|
|
||||||||
Fair value of plan assets at beginning of year
|
$
|
10,306
|
|
|
$
|
11,388
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Plan combination
|
683
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Actual return on plan assets
|
1,367
|
|
|
(141
|
)
|
|
—
|
|
|
—
|
|
||||
Effect of settlement
|
(25
|
)
|
|
(162
|
)
|
|
—
|
|
|
—
|
|
||||
Company contributions
|
87
|
|
|
82
|
|
|
3
|
|
|
3
|
|
||||
Employee contributions
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
(364
|
)
|
|
(290
|
)
|
|
(3
|
)
|
|
(3
|
)
|
||||
Foreign currency changes
|
257
|
|
|
(573
|
)
|
|
—
|
|
|
—
|
|
||||
Fair value of plan assets, December 31
|
$
|
12,313
|
|
|
$
|
10,306
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net funded status, December 31
|
$
|
992
|
|
|
$
|
1,337
|
|
|
$
|
(61
|
)
|
|
$
|
(57
|
)
|
Amounts recognized in the consolidated balance sheets:
|
|
|
|
|
|
|
|
||||||||
Non-current assets
|
$
|
1,632
|
|
|
$
|
1,687
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Current liabilities
|
(6
|
)
|
|
(5
|
)
|
|
(3
|
)
|
|
(3
|
)
|
||||
Non-current liabilities
|
(634
|
)
|
|
(345
|
)
|
|
(58
|
)
|
|
(54
|
)
|
||||
Net asset (liability) recognized, December 31
|
$
|
992
|
|
|
$
|
1,337
|
|
|
$
|
(61
|
)
|
|
$
|
(57
|
)
|
Amounts recognized in other comprehensive (loss) income:
|
|
|
|
|
|
|
|
||||||||
Prior service credit
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
11
|
|
|
$
|
12
|
|
Net actuarial loss
|
(3,055
|
)
|
|
(2,568
|
)
|
|
(5
|
)
|
|
(1
|
)
|
||||
Total recognized accumulated other comprehensive (loss) income, December 31
|
$
|
(3,057
|
)
|
|
$
|
(2,570
|
)
|
|
$
|
6
|
|
|
$
|
11
|
|
Cumulative employer contributions in excess of (less than) net periodic cost
|
4,049
|
|
|
3,907
|
|
|
(67
|
)
|
|
(68
|
)
|
||||
Net asset (liability) recognized in consolidated balance sheets, December 31
|
$
|
992
|
|
|
$
|
1,337
|
|
|
$
|
(61
|
)
|
|
$
|
(57
|
)
|
Accumulated benefit obligation, December 31
|
$
|
11,079
|
|
|
$
|
8,752
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Non-U.S. Pension
Benefits
|
|
Non-U.S.
Post-retirement Benefits
|
||||||||||||
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Reconciliation of prior service credit (cost) recognized in accumulated other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
(2
|
)
|
|
$
|
43
|
|
|
$
|
12
|
|
|
$
|
15
|
|
Recognized as component of net periodic benefit credit:
|
|
|
|
|
|
|
|
||||||||
Amortization of prior service credit
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||
Total recognized as component of net periodic benefit credit
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||
Changes in plan assets and benefit obligations recognized in other comprehensive income:
|
|
|
|
|
|
|
|
||||||||
Plan amendments
|
1
|
|
|
(44
|
)
|
|
—
|
|
|
—
|
|
||||
Exchange rate adjustments
|
(1
|
)
|
|
1
|
|
|
1
|
|
|
(1
|
)
|
||||
Prior service credit, December 31
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
$
|
11
|
|
|
$
|
12
|
|
|
Non-U.S. Pension
Benefits
|
|
Non-U.S.
Post-retirement Benefits
|
||||||||||||
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
||||
Reconciliation of net actuarial (loss) gain recognized in accumulated other comprehensive (loss) income:
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
$
|
(2,568
|
)
|
|
$
|
(2,646
|
)
|
|
$
|
(1
|
)
|
|
$
|
(10
|
)
|
Recognized as component of net periodic benefit cost:
|
|
|
|
|
|
|
|
||||||||
Amortization of net loss
|
60
|
|
|
91
|
|
|
—
|
|
|
—
|
|
||||
Effect of settlement
|
7
|
|
|
42
|
|
|
—
|
|
|
—
|
|
||||
Total recognized as component of net periodic benefit credit
|
67
|
|
|
133
|
|
|
—
|
|
|
—
|
|
||||
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Liability experience
|
(1,339
|
)
|
|
450
|
|
|
(3
|
)
|
|
8
|
|
||||
Asset experience
|
847
|
|
|
(648
|
)
|
|
—
|
|
|
—
|
|
||||
Other
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
||||
Total amount recognized as change in plan assets and benefit obligations
|
(492
|
)
|
|
(195
|
)
|
|
(3
|
)
|
|
8
|
|
||||
Exchange rate adjustments
|
(62
|
)
|
|
140
|
|
|
(1
|
)
|
|
1
|
|
||||
Net actuarial loss, December 31
|
$
|
(3,055
|
)
|
|
$
|
(2,568
|
)
|
|
$
|
(5
|
)
|
|
$
|
(1
|
)
|
For the Years Ended December 31,
|
Non-U.S. Pension
Benefits
|
|
Non-U.S. Post-retirement
Benefits
|
||||||||||||||||||||
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
||||||
Total recognized in net periodic benefit cost and other comprehensive loss (income)
|
$
|
311
|
|
|
$
|
(147
|
)
|
|
$
|
(513
|
)
|
|
$
|
5
|
|
|
$
|
(5
|
)
|
|
$
|
(14
|
)
|
|
Non-U.S. Pension
Benefits
|
|
Non-U.S.
Post-retirement Benefits
|
||||
(In millions of dollars)
|
2020
|
|
|
2020
|
|
||
Prior service credit
|
$
|
—
|
|
|
$
|
(2
|
)
|
Net actuarial loss
|
90
|
|
|
—
|
|
||
Projected cost
|
$
|
90
|
|
|
$
|
(2
|
)
|
|
Non-U.S. Pension
Benefits
|
|
Non-U.S.
Post-retirement Benefits
|
||||||||
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Weighted average assumptions:
|
|
|
|
|
|
|
|
||||
Discount rate (for expense)
|
2.89
|
%
|
|
2.58
|
%
|
|
3.32
|
%
|
|
2.97
|
%
|
Expected return on plan assets
|
4.87
|
%
|
|
4.94
|
%
|
|
—
|
|
|
—
|
|
Rate of compensation increase (for expense)
|
2.82
|
%
|
|
2.80
|
%
|
|
—
|
|
|
—
|
|
Discount rate (for benefit obligation)
|
2.09
|
%
|
|
2.89
|
%
|
|
2.53
|
%
|
|
3.32
|
%
|
Rate of compensation increase (for benefit obligation)
|
2.75
|
%
|
|
2.82
|
%
|
|
—
|
|
|
—
|
|
For the Years Ended December 31,
|
Non-U.S. Pension
Benefits
|
|
Non-U.S. Post-retirement
Benefits
|
||||||||||||||||||||
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|
2019
|
|
|
2018
|
|
|
2017
|
|
||||||
Service cost
|
$
|
31
|
|
|
$
|
34
|
|
|
$
|
76
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
1
|
|
Interest cost
|
246
|
|
|
228
|
|
|
233
|
|
|
2
|
|
|
2
|
|
|
2
|
|
||||||
Expected return on plan assets
|
(520
|
)
|
|
(507
|
)
|
|
(564
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of prior service credit
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||||
Recognized actuarial loss
|
60
|
|
|
91
|
|
|
130
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
Net periodic benefit (credit) cost
|
(183
|
)
|
|
(156
|
)
|
|
(127
|
)
|
|
—
|
|
|
1
|
|
|
2
|
|
||||||
Settlement loss
|
7
|
|
|
42
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Curtailment (gain) loss
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total (credit) cost
|
$
|
(176
|
)
|
|
$
|
(114
|
)
|
|
$
|
(74
|
)
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
2
|
|
(In millions of dollars)
|
1 Percentage
Point Increase
|
|
1 Percentage
Point Decrease
|
||||
Effect on total of service and interest cost components
|
$
|
—
|
|
|
$
|
—
|
|
Effect on post-retirement benefit obligation
|
$
|
6
|
|
|
$
|
(5
|
)
|
For the Years Ended December 31,
|
Pension
Benefits
|
|
Post-retirement
Benefits
|
||||||||||||
(In millions of dollars)
|
U.S.
|
|
Non-U.S.
|
|
U.S.
|
|
Non-U.S.
|
||||||||
2020
|
$
|
281
|
|
|
$
|
322
|
|
|
$
|
4
|
|
|
$
|
3
|
|
2021
|
$
|
293
|
|
|
$
|
328
|
|
|
$
|
4
|
|
|
$
|
3
|
|
2022
|
$
|
305
|
|
|
$
|
338
|
|
|
$
|
3
|
|
|
$
|
3
|
|
2023
|
$
|
312
|
|
|
$
|
358
|
|
|
$
|
3
|
|
|
$
|
3
|
|
2024
|
$
|
318
|
|
|
$
|
368
|
|
|
$
|
3
|
|
|
$
|
3
|
|
2025-2029
|
$
|
1,675
|
|
|
$
|
2,019
|
|
|
$
|
11
|
|
|
$
|
15
|
|
|
Fair Value Measurements at December 31, 2019
|
||||||||||||||||||
Assets
(In millions of dollars)
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
NAV
|
|
Total
|
||||||||||
Common/collective trusts
|
$
|
492
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,959
|
|
|
$
|
6,451
|
|
Corporate obligations
|
—
|
|
|
4,063
|
|
|
—
|
|
|
—
|
|
|
4,063
|
|
|||||
Corporate stocks
|
2,871
|
|
|
34
|
|
|
1
|
|
|
—
|
|
|
2,906
|
|
|||||
Private equity/partnerships
|
—
|
|
|
—
|
|
|
—
|
|
|
1,055
|
|
|
1,055
|
|
|||||
Government securities
|
20
|
|
|
679
|
|
|
—
|
|
|
—
|
|
|
699
|
|
|||||
Real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
660
|
|
|
660
|
|
|||||
Short-term investment funds
|
309
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
312
|
|
|||||
Company common stock
|
223
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
223
|
|
|||||
Other investments
|
15
|
|
|
17
|
|
|
682
|
|
|
2
|
|
|
716
|
|
|||||
Total investments
|
$
|
3,930
|
|
|
$
|
4,796
|
|
|
$
|
683
|
|
|
$
|
7,676
|
|
|
$
|
17,085
|
|
|
Fair Value Measurements at December 31, 2018
|
||||||||||||||||||
Assets
(In millions of dollars)
|
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
NAV
|
|
Total
|
||||||||||
Common/collective trusts
|
$
|
291
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,329
|
|
|
$
|
5,620
|
|
Corporate obligations
|
—
|
|
|
3,673
|
|
|
—
|
|
|
—
|
|
|
3,673
|
|
|||||
Corporate stocks
|
2,046
|
|
|
33
|
|
|
1
|
|
|
—
|
|
|
2,080
|
|
|||||
Private equity/partnerships
|
—
|
|
|
—
|
|
|
—
|
|
|
921
|
|
|
921
|
|
|||||
Government securities
|
15
|
|
|
535
|
|
|
—
|
|
|
—
|
|
|
550
|
|
|||||
Real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
563
|
|
|
563
|
|
|||||
Short-term investment funds
|
286
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
286
|
|
|||||
Company common stock
|
319
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
319
|
|
|||||
Other investments
|
13
|
|
|
20
|
|
|
333
|
|
|
—
|
|
|
366
|
|
|||||
Total investments
|
$
|
2,970
|
|
|
$
|
4,261
|
|
|
$
|
334
|
|
|
$
|
6,813
|
|
|
$
|
14,378
|
|
Assets
(In millions)
|
Fair Value,
January 1, 2019
|
|
Purchases
|
|
Sales
|
|
Unrealized
Gain/
(Loss)
|
|
Realized
Gain/
(Loss)
|
|
Exchange
Rate
Impact
|
|
Transfers
in/(out)
and
Other (a)
|
|
Fair
Value, December 31, 2019
|
||||||||||||||||
Other investments
|
$
|
333
|
|
|
$
|
17
|
|
|
$
|
(14
|
)
|
|
$
|
72
|
|
|
$
|
1
|
|
|
$
|
(9
|
)
|
|
$
|
282
|
|
|
$
|
682
|
|
Corporate stocks
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||
Total assets
|
$
|
334
|
|
|
$
|
17
|
|
|
$
|
(14
|
)
|
|
$
|
72
|
|
|
$
|
1
|
|
|
$
|
(9
|
)
|
|
$
|
282
|
|
|
$
|
683
|
|
Assets
(In millions)
|
Fair Value,
January 1, 2018 |
|
Purchases
|
|
Sales
|
|
Unrealized
Gain/ (Loss) |
|
Realized
Gain/ (Loss) |
|
Exchange
Rate Impact |
|
Transfers
in/(out) and Other |
|
Fair
Value, December 31, 2018 |
||||||||||||||||
Other investments
|
$
|
350
|
|
|
$
|
20
|
|
|
$
|
(19
|
)
|
|
$
|
(5
|
)
|
|
$
|
1
|
|
|
$
|
(14
|
)
|
|
$
|
—
|
|
|
$
|
333
|
|
Corporate stocks
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
||||||||
Corporate obligations
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
||||||||
Total assets
|
$
|
372
|
|
|
$
|
20
|
|
|
$
|
(19
|
)
|
|
$
|
(5
|
)
|
|
$
|
1
|
|
|
$
|
(14
|
)
|
|
$
|
(21
|
)
|
|
$
|
334
|
|
|
2019
|
|
2018
|
|
2017
|
|||
Risk-free interest rate
|
2.51
|
%
|
|
2.73
|
%
|
|
2.09
|
%
|
Expected life (in years)
|
6.0
|
|
|
6.0
|
|
|
6.0
|
|
Expected volatility
|
20.93
|
%
|
|
23.23
|
%
|
|
23.23
|
%
|
Expected dividend yield
|
1.82
|
%
|
|
1.81
|
%
|
|
1.86
|
%
|
|
Shares
|
|
|
Weighted
Average Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic Value
($000)
|
||||
Balance at January 1, 2019
|
9,968,038
|
|
|
$
|
53.94
|
|
|
|
|
|
||
Granted
|
1,661,590
|
|
|
$
|
91.15
|
|
|
|
|
|
||
Exercised
|
(2,655,288
|
)
|
|
$
|
40.10
|
|
|
|
|
|
||
Forfeited
|
(115,212
|
)
|
|
$
|
82.96
|
|
|
|
|
|
||
Balance at December 31, 2019
|
8,859,128
|
|
|
$
|
64.69
|
|
|
6.2 years
|
|
$
|
414,756
|
|
Options vested or expected to vest at December 31, 2019
|
8,714,264
|
|
|
$
|
64.43
|
|
|
6.1 years
|
|
$
|
410,231
|
|
Options exercisable at December 31, 2019
|
5,133,064
|
|
|
$
|
52.36
|
|
|
4.7 Years
|
|
$
|
303,612
|
|
|
Restricted Stock Units
|
|
Performance Stock Units
|
||||||||
|
Shares
|
|
Weighted Average
Grant Date
Fair Value
|
|
|
Shares
|
|
Weighted Average Grant Date Fair Value
|
|
||
Non-vested balance at January 1, 2019
|
4,330,231
|
|
$
|
76.49
|
|
|
698,798
|
|
$
|
70.33
|
|
Granted
|
4,266,983
|
|
$
|
92.50
|
|
|
245,065
|
|
$
|
91.17
|
|
Vested
|
(2,023,355
|
)
|
$
|
72.96
|
|
|
(262,820
|
)
|
$
|
57.50
|
|
Forfeited
|
(616,122
|
)
|
$
|
89.55
|
|
|
(30,496
|
)
|
$
|
83.30
|
|
Non-vested balance at December 31, 2019
|
5,957,737
|
|
$
|
87.80
|
|
|
650,547
|
|
$
|
82.75
|
|
Level 1.
|
Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market (examples include active exchange-traded equity securities and exchange-traded money market mutual funds).
|
Level 2.
|
Assets and liabilities whose values are based on the following:
|
a)
|
Quoted prices for similar assets or liabilities in active markets;
|
b)
|
Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds, which trade infrequently);
|
c)
|
Pricing models whose inputs are observable for substantially the full term of the asset or liability (examples include most over-the-counter derivatives, including interest rate and currency swaps); and
|
d)
|
Pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full asset or liability (for example, certain mortgage loans).
|
Level 3.
|
Assets and liabilities whose values are based on prices, or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability (certain commercial mortgage whole loans, and long-dated or complex derivatives including certain foreign exchange options and long-dated options on gas and power).
|
(In millions of dollars)
|
Identical Assets
(Level 1)
|
|
Observable Inputs
(Level 2)
|
|
Unobservable
Inputs
(Level 3)
|
|
Total
|
||||||||||||||||||||||||
|
12/31/19
|
|
|
12/31/18
|
|
|
12/31/19
|
|
|
12/31/18
|
|
|
12/31/19
|
|
|
12/31/18
|
|
|
12/31/19
|
|
|
12/31/18
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Financial instruments owned:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Exchange traded equity securities (a)
|
$
|
4
|
|
|
$
|
133
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
133
|
|
Mutual funds(a)
|
166
|
|
|
151
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
166
|
|
|
151
|
|
||||||||
Money market funds(b)
|
55
|
|
|
118
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55
|
|
|
118
|
|
||||||||
Other equity investment(a)
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
||||||||
Contingent purchase consideration asset(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84
|
|
|
—
|
|
|
84
|
|
|
—
|
|
||||||||
Total assets measured at fair value
|
$
|
225
|
|
|
$
|
402
|
|
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
84
|
|
|
$
|
—
|
|
|
$
|
317
|
|
|
$
|
410
|
|
Fiduciary Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Money market funds
|
$
|
360
|
|
|
$
|
80
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
360
|
|
|
$
|
80
|
|
U.S. Treasury Bills
|
40
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
20
|
|
||||||||
Total fiduciary assets measured at fair value
|
$
|
400
|
|
|
$
|
100
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
400
|
|
|
$
|
100
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Contingent purchase consideration liability(c)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
225
|
|
|
$
|
183
|
|
|
$
|
225
|
|
|
$
|
183
|
|
Acquisition related derivative contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
116
|
|
|
—
|
|
|
325
|
|
|
—
|
|
|
441
|
|
||||||||
Total liabilities measured at fair value
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
116
|
|
|
$
|
225
|
|
|
$
|
508
|
|
|
$
|
225
|
|
|
$
|
624
|
|
(In millions)
|
2019
|
|
|
2018
|
|
||
Balance at January 1,
|
$
|
508
|
|
|
$
|
189
|
|
Additions
|
36
|
|
|
54
|
|
||
Payments
|
(63
|
)
|
|
(91
|
)
|
||
Revaluation Impact
|
70
|
|
|
32
|
|
||
Change in fair value of acquisition related derivative contracts
|
(325
|
)
|
|
325
|
|
||
Other (a)
|
(1
|
)
|
|
(1
|
)
|
||
Balance at December 31,
|
$
|
225
|
|
|
$
|
508
|
|
As of September 30,
|
|
|
|
|
||||
(In millions of dollars)
|
|
2019
|
|
|
2018
|
|
||
Total assets
|
|
$
|
23,366
|
|
|
$
|
24,644
|
|
Total liabilities
|
|
$
|
21,013
|
|
|
$
|
22,257
|
|
Non-controlling interests
|
|
$
|
23
|
|
|
$
|
22
|
|
For the Year Ended December 31, 2019
(In millions)
|
|
||
Lease Cost:
|
|
||
Operating lease cost
|
$
|
371
|
|
Short-term lease cost
|
8
|
|
|
Variable lease cost
|
150
|
|
|
Sublease income
|
(18
|
)
|
|
Net lease cost
|
$
|
511
|
|
Other information:
|
|
||
Operating cash outflows from operating leases
|
$
|
392
|
|
Right of use assets obtained in exchange for new operating lease liabilities
|
$
|
140
|
|
Weighted-average remaining lease term – real estate
|
8.78 years
|
|
|
Weighted-average discount rate – real estate leases
|
3.10
|
%
|
Payment Dates (In millions)
|
Real Estate Leases
|
||
2020
|
$
|
413
|
|
2021
|
359
|
|
|
2022
|
335
|
|
|
2023
|
288
|
|
|
2024
|
241
|
|
|
Subsequent years
|
974
|
|
|
Total future lease payments
|
2,610
|
|
|
Less: Imputed interest
|
(342
|
)
|
|
Total
|
2,268
|
|
|
Current lease liabilities
|
342
|
|
|
Long-term lease liabilities
|
1,926
|
|
|
Total lease liabilities
|
$
|
2,268
|
|
For the Years Ended December 31,
|
Gross
Rental
Commitments
|
|
Rentals
from
Subleases
|
|
Net
Rental
Commitments
|
||||||
(In millions of dollars)
|
|
|
|||||||||
2019
|
$
|
361
|
|
|
$
|
32
|
|
|
$
|
329
|
|
2020
|
$
|
340
|
|
|
$
|
31
|
|
|
$
|
309
|
|
2021
|
$
|
277
|
|
|
$
|
12
|
|
|
$
|
265
|
|
2022
|
$
|
252
|
|
|
$
|
10
|
|
|
$
|
242
|
|
2023
|
$
|
214
|
|
|
$
|
9
|
|
|
$
|
205
|
|
Subsequent years
|
$
|
753
|
|
|
$
|
32
|
|
|
$
|
721
|
|
December 31,
|
|
|
|
||||
(In millions)
|
2019
|
|
|
2018
|
|
||
Short-term:
|
|
|
|
||||
Current portion of long-term debt
|
1,215
|
|
|
$
|
314
|
|
|
|
1,215
|
|
|
314
|
|
||
Long-term:
|
|
|
|
||||
Senior notes – 2.35% due 2019
|
—
|
|
|
300
|
|
||
Senior notes – 2.35% due 2020
|
500
|
|
|
499
|
|
||
Senior notes – 3.50% due 2020
|
698
|
|
|
—
|
|
||
Senior notes – 4.80% due 2021
|
499
|
|
|
499
|
|
||
Senior notes – Floating rate due 2021
|
298
|
|
|
—
|
|
||
Senior notes – 2.75% due 2022
|
498
|
|
|
497
|
|
||
Senior notes – 3.30% due 2023
|
349
|
|
|
348
|
|
||
Senior notes – 4.05% due 2023
|
249
|
|
|
249
|
|
||
Senior notes – 3.50% due 2024
|
597
|
|
|
597
|
|
||
Senior notes – 3.875% due 2024
|
994
|
|
|
—
|
|
||
Senior notes – 3.50% due 2025
|
497
|
|
|
496
|
|
||
Senior notes – 1.349% due 2026
|
609
|
|
|
—
|
|
||
Senior notes – 3.75% due 2026
|
597
|
|
|
596
|
|
||
Senior notes – 4.375% due 2029
|
1,499
|
|
|
—
|
|
||
Senior notes – 1.979% due 2030
|
607
|
|
|
—
|
|
||
Senior notes – 5.875% due 2033
|
298
|
|
|
297
|
|
||
Senior notes – 4.75% due 2039
|
494
|
|
|
—
|
|
||
Senior notes – 4.35% due 2047
|
492
|
|
|
492
|
|
||
Senior notes – 4.20% due 2048
|
592
|
|
|
592
|
|
||
Senior notes – 4.90% due 2049
|
1,237
|
|
|
—
|
|
||
Mortgage – 5.70% due 2035
|
345
|
|
|
358
|
|
||
Other
|
7
|
|
|
4
|
|
||
|
11,956
|
|
|
5,824
|
|
||
Less current portion
|
1,215
|
|
|
314
|
|
||
|
$
|
10,741
|
|
|
$
|
5,510
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||
(In millions of dollars)
|
Carrying
Amount |
|
Fair
Value |
|
Carrying
Amount |
|
Fair
Value |
||||||||
Short-term debt
|
$
|
1,215
|
|
|
$
|
1,229
|
|
|
$
|
314
|
|
|
$
|
313
|
|
Long-term debt
|
$
|
10,741
|
|
|
$
|
11,953
|
|
|
$
|
5,510
|
|
|
$
|
5,437
|
|
(In millions)
|
Severance
|
|
Real Estate Related Costs (a)
|
|
Information Technology (a)
|
|
Consulting and Other Outside Services (b)
|
|
Total
|
||||||||||
Liability at 1/1/19
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
2019 Charges
|
154
|
|
|
38
|
|
|
45
|
|
|
98
|
|
|
335
|
|
|||||
Cash payments
|
(112
|
)
|
|
(14
|
)
|
|
(45
|
)
|
|
(94
|
)
|
|
(265
|
)
|
|||||
Non-cash charges
|
—
|
|
|
(19
|
)
|
|
—
|
|
|
(4
|
)
|
|
(23
|
)
|
|||||
Liability at 12/31/19
|
$
|
42
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
47
|
|
(In millions)
|
Balance at
1/1/18
|
|
|
Amounts
Accrued
|
|
|
Cash
Paid
|
|
|
Other
|
|
|
Liability at
12/31/18
|
|
|
Amounts
Accrued |
|
|
Cash
Paid
|
|
|
Other
|
|
|
Balance at
12/31/19
|
|
|||||||||
Severance
|
$
|
15
|
|
|
$
|
137
|
|
|
$
|
(77
|
)
|
|
$
|
(2
|
)
|
|
$
|
73
|
|
|
$
|
73
|
|
|
$
|
(91
|
)
|
|
$
|
(4
|
)
|
|
$
|
51
|
|
Future rent under non-cancelable leases and other costs
|
50
|
|
|
24
|
|
|
(37
|
)
|
|
2
|
|
|
39
|
|
|
39
|
|
|
(21
|
)
|
|
(6
|
)
|
|
51
|
|
|||||||||
Total
|
$
|
65
|
|
|
$
|
161
|
|
|
$
|
(114
|
)
|
|
$
|
—
|
|
|
$
|
112
|
|
|
$
|
112
|
|
|
$
|
(112
|
)
|
|
$
|
(10
|
)
|
|
$
|
102
|
|
▪
|
Risk and Insurance Services, comprising insurance services (Marsh) and reinsurance services (Guy Carpenter); and
|
▪
|
Consulting, comprising Mercer and Oliver Wyman Group
|
For the Year Ended December 31, (In millions of dollars)
|
Revenue
|
|
|
Operating
Income
(Loss)
|
|
Total
Assets
|
|
Depreciation
and
Amortization
|
|
Capital
Expenditures
|
|||||||||
2019 –
|
|
|
|
|
|
|
|
|
|
||||||||||
Risk and Insurance Services
|
$
|
9,599
|
|
(a)
|
$
|
1,833
|
|
|
$
|
26,098
|
|
(d)
|
$
|
416
|
|
|
$
|
184
|
|
Consulting
|
7,143
|
|
(b)
|
1,210
|
|
|
9,722
|
|
(e)
|
156
|
|
|
150
|
|
|||||
Total Segments
|
16,742
|
|
|
3,043
|
|
|
35,820
|
|
|
572
|
|
|
334
|
|
|||||
Corporate/Eliminations
|
(90
|
)
|
|
(366
|
)
|
|
(4,463
|
)
|
(c)
|
75
|
|
|
87
|
|
|||||
Total Consolidated
|
$
|
16,652
|
|
|
$
|
2,677
|
|
|
$
|
31,357
|
|
|
$
|
647
|
|
|
$
|
421
|
|
2018 –
|
|
|
|
|
|
|
|
|
|
||||||||||
Risk and Insurance Services
|
$
|
8,228
|
|
(a)
|
$
|
1,864
|
|
|
$
|
15,868
|
|
(d)
|
$
|
290
|
|
|
$
|
158
|
|
Consulting
|
6,779
|
|
(b)
|
1,099
|
|
|
8,003
|
|
(e)
|
130
|
|
|
97
|
|
|||||
Total Segments
|
15,007
|
|
|
2,963
|
|
|
23,871
|
|
|
420
|
|
|
255
|
|
|||||
Corporate/Eliminations
|
(57
|
)
|
|
(202
|
)
|
|
(2,293
|
)
|
(c)
|
74
|
|
|
59
|
|
|||||
Total Consolidated
|
$
|
14,950
|
|
|
$
|
2,761
|
|
|
$
|
21,578
|
|
|
$
|
494
|
|
|
$
|
314
|
|
2017 –
|
|
|
|
|
|
|
|
|
|
||||||||||
Risk and Insurance Services
|
$
|
7,630
|
|
(a)
|
$
|
1,731
|
|
|
$
|
16,490
|
|
(d)
|
$
|
282
|
|
|
$
|
139
|
|
Consulting
|
6,444
|
|
(b)
|
1,110
|
|
|
8,200
|
|
(e)
|
129
|
|
|
88
|
|
|||||
Total Segments
|
14,074
|
|
|
2,841
|
|
|
24,690
|
|
|
411
|
|
|
227
|
|
|||||
Corporate/Eliminations
|
(50
|
)
|
|
(186
|
)
|
|
(4,261
|
)
|
(c)
|
70
|
|
|
75
|
|
|||||
Total Consolidated
|
$
|
14,024
|
|
|
$
|
2,655
|
|
|
$
|
20,429
|
|
|
$
|
481
|
|
|
$
|
302
|
|
(a)
|
Includes inter-segment revenue of $8 million, $6 million and $5 million in 2019, 2018 and 2017, respectively, interest income on fiduciary funds of $105 million, $65 million and $39 million in 2019, 2018 and 2017, respectively, and equity method income of $25 million, $13 million and $14 million in 2019, 2018 and 2017, respectively and $40 million related to the sale of business in 2018.
|
(b)
|
Includes inter-segment revenue of $82 million, $51 million and $45 million in 2019, 2018 and 2017, respectively, interest income on fiduciary funds of $4 million, $3 million and $4 million in 2019, 2018 and 2017, respectively, and equity method income of $16 million, $8 million and $17 million in 2019, 2018 and 2017, respectively.
|
(c)
|
Corporate assets primarily include insurance recoverables, pension related assets, the owned portion of the Company headquarters building and intercompany eliminations.
|
(d)
|
Includes equity method investments of $179 million, $57 million and $60 million at December 31, 2019, 2018 and 2017, respectively.
|
(e)
|
Includes equity method investments of $149 million, $148 million and $269 million at December 31, 2019, 2018 and 2017, respectively.
|
For the Years Ended December 31,
|
|||||||||||
(In millions of dollars)
|
2019
|
|
|
2018
|
|
|
2017
|
|
|||
Risk and Insurance Services
|
|
|
|
|
|
||||||
Marsh
|
$
|
8,085
|
|
|
$
|
6,923
|
|
|
$
|
6,433
|
|
Guy Carpenter
|
1,514
|
|
|
1,305
|
|
|
1,197
|
|
|||
Total Risk and Insurance Services
|
9,599
|
|
|
8,228
|
|
|
7,630
|
|
|||
Consulting
|
|
|
|
|
|
||||||
Mercer
|
5,021
|
|
|
4,732
|
|
|
4,528
|
|
|||
Oliver Wyman Group
|
2,122
|
|
|
2,047
|
|
|
1,916
|
|
|||
Total Consulting
|
7,143
|
|
|
6,779
|
|
|
6,444
|
|
|||
Total Segments
|
16,742
|
|
|
15,007
|
|
|
14,074
|
|
|||
Corporate/Eliminations
|
(90
|
)
|
|
(57
|
)
|
|
(50
|
)
|
|||
Total
|
$
|
16,652
|
|
|
$
|
14,950
|
|
|
$
|
14,024
|
|
•
|
We tested the effectiveness of internal controls related to the determination of the liability for E&O, including controls over the projection of ultimate settlement values of reported and unreported claims determined through internal actuarial analyses and management’s independent review of case level estimates provided by inside and outside counsel, as applicable.
|
•
|
For selected E&O matters, we made inquiries of the Company’s inside and outside counsel, as applicable, regarding the status of these matters and likelihood of settlement.
|
•
|
We compared total incurred losses and current case estimates as of the balance sheet date to amounts reported in prior periods to evaluate trends and developments in reported cases.
|
•
|
With the assistance of our actuarial specialists, we evaluated the reasonableness of the assumptions and methodologies involved in the development of the liability for E&O by:
|
–
|
Testing the underlying data that served as the basis for the actuarial analysis, including historical claims, to evaluate whether the inputs to the actuarial estimate were reasonable.
|
–
|
Comparing management’s prior-year assumptions of expected development and ultimate loss to actual amounts incurred during the current year to identify potential bias in the determination of the liability for E&O.
|
–
|
Developing a range of independent estimates and comparing those to the liability for E&O recorded by the Company.
|
•
|
We tested the effectiveness of internal controls over the assumptions related to the determination of forecasted future cash flows, selection of the discount rates and the valuation methodology used.
|
•
|
With the assistance of our valuation specialists, we evaluated the reasonableness of the determination of the forecasted future cash flows, discount rates and valuation methodology by:
|
–
|
Testing the source information underlying the determination of the discount rates and testing the mathematical accuracy of the calculations.
|
–
|
Developing a range of independent estimates of discount rates for each selected customer relationship intangible asset and comparing those to the respective discount rates utilized by management.
|
–
|
Evaluating the reasonableness of the estimated economic life of each selected customer relationship intangible asset.
|
•
|
When assessing the reasonableness of assumptions related to future cash flows for each selected customer relationship intangible asset, specifically the assumptions relating to revenue growth, attrition rates and earnings margins, we evaluated whether the assumptions used were reasonable considering the past performance of the acquired company and the Company’s historical experience related to similar acquisitions.
|
•
|
We evaluated whether the estimated future cash flows were consistent with evidence obtained in other areas of the audit, such as assumptions utilized by the Company in the determination of their budget.
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
(In millions, except per share figures)
|
|
||||||||||||||
2019:
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
4,071
|
|
|
$
|
4,349
|
|
|
$
|
3,968
|
|
|
$
|
4,264
|
|
Operating income
|
$
|
938
|
|
|
$
|
680
|
|
|
$
|
467
|
|
|
$
|
592
|
|
Net income before non-controlling interests
|
$
|
727
|
|
|
$
|
344
|
|
|
$
|
306
|
|
|
$
|
396
|
|
Net income attributable to the Company
|
$
|
716
|
|
|
$
|
332
|
|
|
$
|
303
|
|
|
$
|
391
|
|
Basic Per Share Data:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to the Company
|
$
|
1.42
|
|
|
$
|
0.66
|
|
|
$
|
0.60
|
|
|
$
|
0.77
|
|
Diluted Per Share Data:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to the Company
|
$
|
1.40
|
|
|
$
|
0.65
|
|
|
$
|
0.59
|
|
|
$
|
0.76
|
|
Dividends Paid Per Share
|
$
|
0.415
|
|
|
$
|
0.415
|
|
|
$
|
0.455
|
|
|
$
|
0.455
|
|
2018:
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
4,000
|
|
|
$
|
3,734
|
|
|
$
|
3,504
|
|
|
$
|
3,712
|
|
Operating income
|
$
|
908
|
|
|
$
|
691
|
|
|
$
|
541
|
|
|
$
|
621
|
|
Net income before non-controlling interests
|
$
|
696
|
|
|
$
|
536
|
|
|
$
|
279
|
|
|
$
|
159
|
|
Net income attributable to the Company
|
$
|
690
|
|
|
$
|
531
|
|
|
$
|
276
|
|
|
$
|
153
|
|
Basic Per Share Data:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to the Company
|
$
|
1.36
|
|
|
$
|
1.05
|
|
|
$
|
0.55
|
|
|
$
|
0.30
|
|
Diluted Per Share Data:
|
|
|
|
|
|
|
|
||||||||
Net income attributable to the Company
|
$
|
1.34
|
|
|
$
|
1.04
|
|
|
$
|
0.54
|
|
|
$
|
0.30
|
|
Dividends Paid Per Share
|
$
|
0.375
|
|
|
$
|
0.375
|
|
|
$
|
0.415
|
|
|
$
|
0.415
|
|
(a)
|
Management’s Annual Report on Internal Control Over Financial Reporting
|
(b)
|
Audit Report of the Registered Public Accounting Firm.
|
(c)
|
Changes in Internal Control Over Financial Reporting
|
(1)
|
Consolidated Financial Statements:
|
(2)
|
All required Financial Statement Schedules are included in the Consolidated Financial Statements or the Notes to Consolidated Financial Statements.
|
(3)
|
The following exhibits are filed as a part of this report:
|
(2.1)
|
(2.2)
|
|
|
(2.3)
|
(3.1)
|
(3.2)
|
(4.1)
|
(4.2)
|
(4.3)
|
(4.4)
|
(4.5)
|
(4.6)
|
(4.7)
|
|
|
(4.8)
|
(4.9)
|
(4.10)
|
(4.11)
|
(4.12)
|
(4.13)
|
(4.14)
|
(4.15)
|
(4.16)
|
(10.1)
|
(10.2)
|
|
|
(10.3)
|
(10.4)
|
(10.5)
|
(10.6)
|
(10.7)
|
(10.8)
|
(10.9)
|
(10.10)
|
(10.11)
|
|
|
(10.12)
|
(10.13)
|
(10.14)
|
(10.15)
|
(10.16)
|
(10.17)
|
(10.18)
|
(10.19)
|
(10.20)
|
|
|
(10.21)
|
(10.22)
|
(10.23)
|
(10.24)
|
(10.25)
|
(10.26)
|
(10.27)
|
(10.28)
|
(10.29)
|
(10.30)
|
|
|
(10.31)
|
(10.32)
|
(10.33)
|
(10.34)
|
(10.35)
|
(10.36)
|
(10.37)
|
(10.38)
|
(10.39)
|
|
|
(10.40)
|
(10.41)
|
(10.42)
|
(10.43)
|
(10.44)
|
(10.45)
|
(10.46)
|
(10.47)
|
(10.48)
|
(10.49)
|
|
|
(10.50)
|
(10.51)
|
(10.52)
|
(10.53)
|
(10.54)
|
(10.55)
|
(10.56)
|
(10.57)
|
|
|
(10.58)
|
(10.59)
|
(10.60)
|
(10.61)
|
(10.62)
|
(10.63)
|
(10.64)
|
(10.65)
|
(10.66)
|
(10.67)
|
|
|
(10.68)
|
(10.69)
|
(10.70)
|
(10.71)
|
(10.72)
|
(10.73)
|
(10.74)
|
(10.75)
|
(10.76)
|
(10.77)
|
|
|
(10.78)
|
(10.79)
|
(10.80)
|
(10.81)
|
(10.82)
|
(10.83)
|
(10.84)
|
(10.85)
|
(10.86)
|
(10.87)
|
|
|
(10.88)
|
(10.89)
|
(10.90)
|
(10.91)
|
(10.92)
|
(14.1)
|
(21.1)
|
(23.1)
|
(24.1)
|
Power of Attorney (included on signature page)
|
(31.1)
|
(31.2)
|
(32.1)
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
104.
|
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
|
|
|
|
|
MARSH & McLENNAN COMPANIES, INC.
|
||
|
|
|
|
|
Dated:
|
February 20, 2020
|
By
|
|
/S/ DANIEL S. GLASER
|
|
|
|
|
Daniel S. Glaser
President and Chief Executive Officer
|
Name
|
|
Title
|
|
Date
|
|
|
|
||
/S/ DANIEL S. GLASER
Daniel S. Glaser
|
|
Director, President &
Chief Executive Officer
|
|
February 20, 2020
|
|
|
|
||
/S/ MARK C. MCGIVNEY
Mark C. McGivney
|
|
Chief Financial Officer
|
|
February 20, 2020
|
|
|
|
||
/S/ STACY M. MILLS
Stacy M. Mills
|
|
Vice President & Controller
(Chief Accounting Officer)
|
|
February 20, 2020
|
|
|
|
||
/S/ ANTHONY K. ANDERSON
Anthony K. Anderson
|
|
Director
|
|
February 20, 2020
|
|
|
|
||
/S/ OSCAR FANJUL
Oscar Fanjul
|
|
Director
|
|
February 20, 2020
|
|
|
|
||
/S/ H. EDWARD HANWAY
H. Edward Hanway
|
|
Director
|
|
February 20, 2020
|
|
|
|
||
/S/ DEBORAH C. HOPKINS
Deborah C. Hopkins
|
|
Director
|
|
February 20, 2020
|
|
|
|
||
/S/ TAMARA INGRAM
Tamara Ingram
|
|
Director
|
|
February 20, 2020
|
|
|
|
|
|
/S/ STEVEN A. MILLS
Steven A. Mills
|
|
Director
|
|
February 20, 2020
|
|
|
|
|
|
/S/ BRUCE P. NOLOP
Bruce P. Nolop
|
|
Director
|
|
February 20, 2020
|
|
|
|
|
|
/S/ MARC D. OKEN
Marc D. Oken
|
|
Director
|
|
February 20, 2020
|
|
|
|
|
|
/S/ MORTON O. SCHAPIRO
Morton O. Schapiro
|
|
Director
|
|
February 20, 2020
|
|
|
|
|
|
/S/ LLOYD M. YATES
Lloyd M. Yates
|
|
Director
|
|
February 20, 2020
|
|
|
|
|
|
/S/ R. DAVID YOST
R. David Yost
|
|
Director
|
|
February 20, 2020
|
•
|
convert the stock into any other security;
|
•
|
have the stock redeemed; or
|
•
|
purchase additional stock or to maintain their proportionate ownership interest
|
•
|
for any breach of the director’s legal duty to act in the best interests of the Company and its stockholders;
|
•
|
for acts or omissions by the director with dishonest intentions or which involve intentional misconduct or an intentional violation of the law;
|
•
|
for declaring dividends or authorizing the purchase or redemption of shares in violation of Delaware law; or
|
•
|
for transactions where the director derived an improper personal benefit.
|
•
|
mergers of the Company or any of its subsidiaries with a 10% stockholder,
|
•
|
sales of all or any substantial part of the assets of the Company and its subsidiaries to a 10% stockholder,
|
•
|
sales of all or any substantial part of the assets of a 10% stockholder to the Company,
|
•
|
the issuance or delivery of securities of the Company or any of its subsidiaries to a 10% stockholder, or of securities of a 10% stockholder to the Company,
|
•
|
any substantial loan, advance or guarantee, pledge or other financial assistance provided by the Company or any of its subsidiaries to a 10% stockholder,
|
•
|
the adoption of a plan for the voluntary dissolution or liquidation of the Company or amendment to the Company’s amended and restated bylaws,
|
•
|
any reclassification of securities or recapitalization of the Company or other transaction which increases a 10% stockholder’s proportionate share of any class of the Company’s capital stock, or
|
•
|
any agreement or other arrangement to do any of the foregoing.
|
•
|
beneficially owns or controls, directly or indirectly, 10% or more of the voting stock of the Company or has announced a plan or intention to acquire such securities, or
|
•
|
is an affiliate or associate of the Company and at any time within two years prior to the date in question was the beneficial owner of 10% or more of the voting stock of the Company.
|
•
|
the Company and any of its subsidiaries, and
|
•
|
any profit-sharing, employee stock ownership or other employee benefit plan of the Company or any subsidiary, or trustees or fiduciaries for these plans.
|
•
|
is not related to a 10% stockholder, and was a member of the board of directors prior to the time that the relevant 10% stockholder became a 10% stockholder, or
|
•
|
is a successor to an unbiased director, who is not related to a 10% stockholder and was nominated by a majority of unbiased directors.
|
•
|
a merger with, disposition of significant assets to or receipt of disproportionate financial benefits by the interested stockholder, and
|
•
|
any other transaction that would increase the interested stockholder’s proportionate ownership of any class or series of the Company’s capital stock.
|
•
|
prior to the time that any stockholder became an interested stockholder, the board of directors approved either the business combination or the transaction in which such stockholder acquired 15% or more of the Company’s outstanding voting stock, or
|
•
|
the interested stockholder owns at least 85% of the outstanding voting stock of the Company as a result of the transaction in which such stockholder acquired 15% or more of the Company’s outstanding voting stock. Shares held by persons who are both directors and officers or by some types of employee stock plans are not counted as outstanding when making this calculation.
|
|
Company Name
|
Country
|
1
|
8WORKS INC.
|
United States
|
2
|
8WORKS LTD
|
United Kingdom
|
3
|
A. Constantinidi & CIA. S.C.
|
Uruguay
|
4
|
A.C.N. 000 951 146 Pty Limited
|
Australia
|
5
|
A.C.N. 001 572 961 Pty Limited
|
Australia
|
6
|
A.C.N. 076 935 683 Pty Limited
|
Australia
|
7
|
A.C.N. 102 322 574 Pty Limited
|
Australia
|
8
|
Access Equity Enhanced Fund GP, LLC
|
United States
|
9
|
ACE Insurance Agents Limited
|
Saudi Arabia
|
10
|
ACE Insurance and Reinsurance Brokers Limited
|
Saudi Arabia
|
11
|
ACE Insurance Consultants Limited
|
Saudi Arabia
|
12
|
Admiral Holdings Limited
|
United Kingdom
|
13
|
AFCO Premium Acceptance, Inc.
|
United States
|
14
|
AFCO Premium Credit LLC
|
United States
|
15
|
Agnew Higgins Pickering & Co. (Bermuda) Ltd
|
Bermuda
|
16
|
Aldgate Investments Limited
|
Bermuda
|
17
|
Aldgate Trustees Ltd
|
United Kingdom
|
18
|
Alexander Forbes Group Holdings Limited
|
South Africa
|
19
|
Alpha Consultants Limited
|
New Zealand
|
20
|
Alta SA
|
Chile
|
21
|
Altius Real Assets (GP) LLC
|
United States
|
22
|
Amal Insurance Brokers Limited (in liquidation)
|
Saudi Arabia
|
23
|
Anda Insurance Agencies Pte Ltd
|
Singapore
|
24
|
AssetVal Pty Ltd
|
Australia
|
25
|
Assur Conseils Marsh S.A.
|
Senegal
|
26
|
Assurance Capital Corporation
|
United States
|
27
|
Assurance Services Corporation
|
United States
|
28
|
Australian Insurance Brokers Pty Ltd
|
Australia
|
29
|
Australian World Underwriters Pty Ltd.
|
Australia
|
30
|
Barney & Barney Orange County, LLC
|
United States
|
31
|
BBPS Limited
|
United Kingdom
|
32
|
Beaumonts (Leeds) Limited (in liquidation)
|
United Kingdom
|
33
|
Beaumonts Insurance Brokers Limited (in liquidation)
|
United Kingdom
|
34
|
Beaumonts Insurance Services Limited
|
United Kingdom
|
35
|
Beneficios Integrales Oportunos SA
|
Colombia
|
36
|
Benefitfocus, Inc.
|
United States
|
37
|
Blue Marble Micro Limited
|
United Kingdom
|
38
|
Blue Marble Microinsurance, Inc.
|
United States
|
39
|
Bluefin Insurance Group Limited
|
United Kingdom
|
40
|
Bluefin Insurance Services Limited
|
United Kingdom
|
41
|
Boulder Claims, LLC
|
United States
|
42
|
Bowring (Bermuda) Investments Ltd.
|
Bermuda
|
43
|
Bowring Marine Limited
|
United Kingdom
|
44
|
Bowring Marsh (Bermuda) Ltd.
|
Bermuda
|
45
|
Bowring Marsh (Hong Kong) Limited
|
Hong Kong
|
46
|
Bowring Marsh Asia Pte. Ltd.
|
Singapore
|
47
|
Bowring Marsh Corretora de Resseguros Ltda.
|
Brazil
|
48
|
Bowring Marsh Limited
|
United Kingdom
|
49
|
Broderick Piller Pty Ltd
|
Australia
|
50
|
Broker 2 Broker Limited
|
United Kingdom
|
51
|
BuildPay, LLC
|
United States
|
52
|
Burke Ford Trustees (Leicester) Limited
|
United Kingdom
|
53
|
C.T. Bowring Limited
|
United Kingdom
|
54
|
Carpenter Marsh Fac Chile Corredores de Reaseguros Limitada
|
Chile
|
55
|
Carpenter Marsh Fac Colombia Corredores de Reaseguros S.A.
|
Colombia
|
56
|
Carpenter Marsh Fac Peru Corredores de Reaseguros S.A.C.
|
Peru
|
57
|
Carpenter Marsh Fac Re LLC
|
United States
|
58
|
Carpenter Turner Cyprus Ltd
|
Cyprus
|
59
|
Carpenter Turner S.A.
|
Greece
|
60
|
Cascade International Holdings C.V.
|
Netherlands
|
61
|
Cascade Regional Holdings Limited
|
United Kingdom
|
62
|
Central Insurance Services Limited
|
United Kingdom
|
63
|
Charter Risk Management Services LLC
|
United States
|
64
|
Chartwell Healthcare Limited
|
United Kingdom
|
65
|
Chronos Insurance Brokers Pty Limited
|
Australia
|
66
|
Claims and Recovery Management (Australia) Pty Limited
|
Australia
|
67
|
Clark Thomson Insurance Brokers Limited
|
United Kingdom
|
68
|
Client Provide Limited
|
New Zealand
|
69
|
CMC-Belgibo NV
|
Belgium
|
70
|
Colombian Insurance Broking Wholesale Limited
|
Cayman Islands
|
71
|
Consultores 2020 C.A.
|
Venezuela, Bolivarian Republic of
|
72
|
CPRM Limited
|
United Kingdom
|
73
|
CPSG Partners, LLC
|
United States
|
74
|
Cronin & Co Insurance Services Limited
|
United Kingdom
|
75
|
DeLima Marsh S.A. - Los Corredores de Seguros S.A.
|
Colombia
|
76
|
Dovetail Insurance Corp.
|
United States
|
77
|
Dovetail Managing General Agency Corporation
|
United States
|
78
|
Dovetail Technology Service India Private Limited
|
India
|
79
|
Draw Connect Limited
|
United Kingdom
|
80
|
Draw Create Limited
|
United Kingdom
|
81
|
Draw Group London Limited
|
United Kingdom
|
82
|
DVA - Deutsche Verkehrs-Assekuranz-Vermittlungs GmbH
|
Germany
|
83
|
Eagle & Crown Limited
|
Bermuda
|
84
|
Echelon Australia Pty Limited
|
Australia
|
85
|
Echelon Claims Consultants Sdn Bhd
|
Malaysia
|
86
|
Echelon New Zealand Limited
|
New Zealand
|
87
|
EnBW Versicherungs Vermittlung GmbH
|
Germany
|
88
|
Encompass Insurance Agency Pty Ltd.
|
Australia
|
89
|
English Pension Trustees Limited
|
United Kingdom
|
90
|
Epsilon (US) Insurance Company
|
United States
|
91
|
Epsilon Insurance Company, Ltd.
|
Cayman Islands
|
92
|
everBe SAS
|
France
|
93
|
Evolution Management Ltd
|
Bermuda
|
94
|
Exchange Insurance Services Limited (in liquidation)
|
United Kingdom
|
95
|
Exmoor Management Company Limited
|
Bermuda
|
96
|
Faulkner & Flynn, LLC
|
United States
|
97
|
Freedom Trust Services Limited
|
Ireland
|
98
|
Gama Consultores Associados Ltda.
|
Brazil
|
99
|
GC Genesis LLC
|
United States
|
100
|
GCube Insurance Services Inc
|
United States
|
101
|
GCube Underwriting Limited
|
United Kingdom
|
102
|
Gem Insurance Company Limited
|
Bermuda
|
103
|
Global Premium Finance Company
|
United States
|
104
|
Gracechurch Trustees Limited
|
United Kingdom
|
105
|
GrECo International Holding AG
|
Austria
|
106
|
Gresham Pension Trustees Limited
|
United Kingdom
|
107
|
Group Promoters Pty Limited
|
Australia
|
108
|
Guy Carpenter & Cia (Mexico) S.A. de C.V.
|
Mexico
|
109
|
Guy Carpenter & Cia., S.A.
|
Spain
|
110
|
Guy Carpenter & Co. Labuan Ltd.
|
Malaysia
|
111
|
Guy Carpenter & Company AB
|
Sweden
|
112
|
Guy Carpenter & Company Corredores de Reaseguros Limitada
|
Chile
|
113
|
Guy Carpenter & Company Corretora de Resseguros Ltda.
|
Brazil
|
114
|
Guy Carpenter & Company GmbH
|
Germany
|
115
|
Guy Carpenter & Company Limited
|
United Kingdom
|
116
|
Guy Carpenter & Company Limited
|
New Zealand
|
117
|
Guy Carpenter & Company Participacoes Ltda.
|
Brazil
|
118
|
Guy Carpenter & Company Peru Corredores de Reaseguros S.A.
|
Peru
|
119
|
Guy Carpenter & Company Private Limited
|
Singapore
|
120
|
Guy Carpenter & Company Proprietary Limited
|
South Africa
|
121
|
Guy Carpenter & Company Pty. Ltd.
|
Australia
|
122
|
Guy Carpenter & Company S.A. (Uruguay)
|
Uruguay
|
123
|
Guy Carpenter & Company S.r.l.
|
Italy
|
124
|
Guy Carpenter & Company, Limited
|
Hong Kong
|
125
|
Guy Carpenter & Company, LLC
|
United States
|
126
|
Guy Carpenter & Company, Ltd./Guy Carpenter & Compagnie, Ltee
|
Canada
|
127
|
Guy Carpenter & Company, S.A.
|
Belgium
|
128
|
Guy Carpenter & Company, S.A.
|
Argentina
|
129
|
Guy Carpenter & Company, S.A.S.
|
France
|
130
|
Guy Carpenter (Middle East) Limited
|
United Arab Emirates
|
131
|
Guy Carpenter Bermuda Ltd.
|
Bermuda
|
132
|
Guy Carpenter Broking, Inc.
|
United States
|
133
|
Guy Carpenter Colombia Corredores de Reaseguros Ltda.
|
Colombia
|
134
|
Guy Carpenter Insurance Brokers (Beijing) Co. Ltd.
|
China
|
135
|
Guy Carpenter Japan, Inc.
|
Japan
|
136
|
Guy Carpenter Mexico Intermediario de Reaseguro, S.A. de C.V.
|
Mexico
|
137
|
Guy Carpenter Reasurans Brokerligi Anonim Sirketi
|
Turkey
|
138
|
Hamilton Bond Limited
|
United Kingdom
|
139
|
Hansen International Limited
|
United States
|
140
|
HAPIP GP 2009, LLC
|
United States
|
141
|
HAPIP GP, LLC
|
United States
|
142
|
Hayward Aviation Limited
|
United Kingdom
|
143
|
HSBC Insurance Brokers International (Abu Dhabi) LLC (in liquidation)
|
United Arab Emirates
|
144
|
Industrial Risks Protection Consultants
|
Nigeria
|
145
|
Ingeseg S.A.
|
Argentina
|
146
|
Insbrokers Ltda.
|
Uruguay
|
147
|
INSIA a.s.
|
Czech Republic
|
148
|
INSIA Europe SE
|
Czech Republic
|
149
|
INSIA SK s.r.o.
|
Slovakia
|
150
|
InSolutions Limited
|
United Kingdom
|
151
|
Insurance Brokers of Nigeria Limited
|
Nigeria
|
152
|
Insure Direct - Jardine Lloyd Thompson Limited
|
United Arab Emirates
|
153
|
Insure Direct (Brokers) LLC
|
United Arab Emirates
|
154
|
Insure Direct (Brokers) LLC [BAHRAIN BRANCH]
|
Bahrain
|
155
|
InsurTech Alliance, LLC
|
United States
|
156
|
International Catastrophe Insurance Managers, LLC
|
United States
|
157
|
International Loss Control Services Limited
|
Ireland
|
158
|
International Risk Consultants (Asia) Limited
|
Hong Kong
|
159
|
Invercol Limited
|
Bermuda
|
160
|
IRC Asia Insurance Brokers Limited
|
Hong Kong
|
161
|
Irish Pensions Trust Limited
|
Ireland
|
162
|
Isosceles Insurance (Barbados) Limited
|
Barbados
|
163
|
Isosceles Insurance Company Limited
|
United States
|
164
|
Isosceles Insurance Ltd
|
Bermuda
|
165
|
Isosceles PCC Limited
|
Guernsey
|
166
|
J&H Marsh & McLennan Limited
|
Hong Kong
|
167
|
J.W. Terrill Benefit Administrators, Inc.
|
United States
|
168
|
Japan Affinity Marketing, Inc.
|
Japan
|
169
|
Jardine IBR Limited
|
Russian Federation
|
170
|
Jardine Lloyd Thompson (Proprietary) Limited
|
South Africa
|
171
|
Jardine Lloyd Thompson Asia Pte Ltd
|
Singapore
|
172
|
Jardine Lloyd Thompson Australia Pty Limited
|
Australia
|
173
|
Jardine Lloyd Thompson Canada Inc
|
Canada
|
174
|
Jardine Lloyd Thompson Group Ltd
|
United Kingdom
|
175
|
Jardine Lloyd Thompson India Private Limited
|
India
|
176
|
Jardine Lloyd Thompson India Private Limited (UK Branch Office)
|
United Kingdom
|
177
|
Jardine Lloyd Thompson Insurance and Reinsurance Brokers, Inc.
|
Philippines
|
178
|
Jardine Lloyd Thompson Insurance Consultants Limited
|
India
|
179
|
Jardine Lloyd Thompson Ireland Holdings Limited
|
Ireland
|
180
|
Jardine Lloyd Thompson Ireland Unlimited Company
|
Ireland
|
181
|
Jardine Lloyd Thompson Korea Limited
|
Korea, Republic of
|
182
|
Jardine Lloyd Thompson Limited
|
Vietnam
|
183
|
Jardine Lloyd Thompson Limited
|
New Zealand
|
184
|
Jardine Lloyd Thompson Limited
|
Thailand
|
185
|
Jardine Lloyd Thompson Limited
|
Hong Kong
|
186
|
Jardine Lloyd Thompson Limited
|
Taiwan
|
187
|
Jardine Lloyd Thompson Limited [Macao Branch]
|
Macao
|
188
|
Jardine Lloyd Thompson PCS (Dubai) Limited
|
United Arab Emirates
|
189
|
Jardine Lloyd Thompson PCS Limited
|
Hong Kong
|
190
|
Jardine Lloyd Thompson PCS Pte Ltd
|
Singapore
|
191
|
Jardine Lloyd Thompson PCS SA
|
Switzerland
|
192
|
Jardine Lloyd Thompson Private Limited
|
Singapore
|
193
|
Jardine Lloyd Thompson Pty Limited
|
Australia
|
194
|
Jardine Lloyd Thompson Sdn Bhd
|
Malaysia
|
195
|
Jardine Lloyd Thompson Valencia y Iragorri Corredores de Seguros SA
|
Colombia
|
196
|
Jardine Pension Trustees Ireland Limited
|
Ireland
|
197
|
Jardine Risk Consulting Co., Limited
|
China
|
198
|
Jardine ShunTak Insurance Brokers Limited
|
Hong Kong
|
199
|
Jardine ShunTak Insurance Brokers Limited [Macao Branch]
|
Macao
|
200
|
Jardines PF- Consultoria Em Gestao De Risco, Limitada
|
Angola
|
201
|
Jelf Commercial Finance Limited
|
United Kingdom
|
202
|
Jelf Financial Planning Limited
|
United Kingdom
|
203
|
Jelf Insurance Brokers Limited
|
United Kingdom
|
204
|
Jelf Limited
|
United Kingdom
|
205
|
Jelf Risk Management Limited
|
United Kingdom
|
206
|
Jelf Wellbeing Limited
|
United Kingdom
|
207
|
JI Holdings Limited
|
Mauritius
|
208
|
JIB Group Holdings Limited
|
United Kingdom
|
252
|
JLT Insurance Management Malta Limited
|
Malta
|
253
|
JLT Intellectual Property [UK Branch]
|
United Kingdom
|
254
|
JLT Intellectual Property Limited
|
Ireland
|
255
|
JLT Interactive Pte. Ltd.
|
Singapore
|
256
|
JLT Investment Management Limited
|
United Kingdom
|
257
|
JLT LATAM (Southern Cone) Wholesale Limited
|
United Kingdom
|
258
|
JLT Latin American Holdings Limited
|
United Kingdom
|
259
|
JLT Life Assurance Brokers Limited
|
Thailand
|
260
|
JLT Management Services Limited
|
United Kingdom
|
261
|
JLT Marine (Pty) Ltd
|
South Africa
|
262
|
JLT Mexico Holdings Limited
|
United Kingdom
|
263
|
JLT Mexico, Intermediario de Reaseguro, S.A. de C.V.
|
Mexico
|
264
|
JLT Netherlands BV
|
Netherlands
|
265
|
JLT Norway AS
|
Norway
|
266
|
JLT Pension Trustees Limited
|
United Kingdom
|
267
|
JLT Pensions Administration Holdings Limited
|
United Kingdom
|
268
|
JLT Pensions Administration Limited
|
United Kingdom
|
269
|
JLT Peru Reinsurance Solutions Limited
|
United Kingdom
|
270
|
JLT Peru Retail Limited
|
United Kingdom
|
271
|
JLT Peru Wholesale Limited
|
United Kingdom
|
272
|
JLT PLA
|
France
|
273
|
JLT QFM Services Limited
|
Ireland
|
274
|
JLT Re (French Branch)
|
France
|
275
|
JLT Re (Northern Europe) AB
|
Sweden
|
276
|
JLT Re Argentina Corredores de Reaseguros S.A.U.
|
Argentina
|
277
|
JLT RE Brasil, Administracao e Corretagem de Resseguros Ltda
|
Brazil
|
278
|
JLT Re Labuan Limited
|
Malaysia
|
279
|
JLT Re Limited
|
United Kingdom
|
280
|
JLT Re Pty Ltd
|
Australia
|
281
|
JLT Reinsurance Brokers GmbH
|
Germany
|
282
|
JLT Reinsurance Brokers Limited
|
United Kingdom
|
283
|
JLT Reinsurance Brokers Limited [French Branch]
|
France
|
284
|
JLT Risk Management Limited
|
Ireland
|
285
|
JLT Risk Solutions AB
|
Sweden
|
286
|
JLT Risk Solutions AB, Branch - Germany
|
Germany
|
287
|
JLT SA IB Holdings Company (Pty) Limited
|
South Africa
|
288
|
JLT SCK Affinity Administracao e Corretora de Seguros Ltda.
|
Brazil
|
289
|
JLT SCK Corretora e Administradora de Seguros
|
Brazil
|
290
|
JLT Secretaries Limited
|
United Kingdom
|
291
|
JLT Sigorta ve Reasürans Brokerliði A.Þ.
|
Turkey
|
292
|
JLT Singapore Holdings Pte. Ltd.
|
Singapore
|
293
|
JLT Specialty France
|
France
|
294
|
JLT Specialty Insurance Broker A/S
|
Denmark
|
295
|
JLT Specialty Limited
|
United Kingdom
|
296
|
JLT Specialty Limited [DUBAI BRANCH]
|
United Arab Emirates
|
297
|
JLT Specialty Pte. Ltd.
|
Singapore
|
298
|
JLT Towner Insurance Management (Anguilla) Limited
|
Anguilla
|
299
|
JLT Trust Services (Barbados) Ltd
|
Barbados
|
300
|
JLT Trustees (Southern) Limited
|
United Kingdom
|
301
|
JLT Trustees Limited
|
United Kingdom
|
302
|
JLT UK Investment Holdings Limited
|
United Kingdom
|
303
|
JLT Vantage Risk and Benefit Consulting Private Limited
|
India
|
304
|
JLT Wealth Management Limited
|
United Kingdom
|
305
|
JLTPCS Holdings Pte. Ltd.
|
Singapore
|
306
|
JMIB Holdings BV
|
Netherlands
|
307
|
John Lampier & Son Ltd
|
United Kingdom
|
308
|
Johnson & Higgins (Bermuda) Limited
|
Bermuda
|
309
|
Johnson & Higgins Limited
|
United Kingdom
|
310
|
JSL Securities, Inc.
|
United States
|
311
|
Kepler Associates Limited
|
United Kingdom
|
312
|
Kessler & Co AG
|
Switzerland
|
313
|
Kessler & Co Inc.
|
Liechtenstein
|
314
|
Kessler Consulting Inc.
|
Switzerland
|
315
|
Kessler Prevoyance Inc.
|
Switzerland
|
316
|
Key Underwriting Pty Limited
|
Australia
|
317
|
Lambert Brothers Holdings Limited
|
Hong Kong
|
318
|
Lambert Brothers Insurance Brokers (Employee Benefits) Limited
|
Hong Kong
|
319
|
Lambert Brothers Insurance Brokers (Hong Kong) Ltd
|
Hong Kong
|
320
|
Laterlife.com Limited (in liquidation)
|
United Kingdom
|
321
|
Lavaretus Underwriting AB
|
Sweden
|
322
|
Lavaretus Underwriting AB (BRANCH - Denmark)
|
Denmark
|
323
|
Libra Insurance Services Limited (in liquidation)
|
United Kingdom
|
324
|
Lloyd & Partners Limited
|
United Kingdom
|
325
|
Local Government Insurance Brokers Pty Limited
|
Australia
|
326
|
Lomond Macdonald Limited
|
United Kingdom
|
327
|
Lynch Insurance Brokers Limited
|
Barbados
|
328
|
M&M Vehicle, L.P.
|
United States
|
329
|
M.P. Bolshaw and Company Limited
|
United Kingdom
|
330
|
MAG JLT SpA
|
Italy
|
331
|
Mangrove Insurance Europe PCC Limited
|
Malta
|
332
|
Mangrove Insurance Solutions PCC Limited
|
Isle of Man
|
333
|
Mangrove Insurance Solutions, PCC
|
United States
|
334
|
Manoel Management Services Ltd
|
Malta
|
335
|
Marchant McKechnie Insurance Brokers Limited
|
United Kingdom
|
336
|
Marine, Aviation & General (London) Limited
|
United Kingdom
|
337
|
Marsh & McLennan (PNG) Limited
|
Papua New Guinea
|
338
|
Marsh & McLennan Agencies AS
|
Norway
|
339
|
Marsh & McLennan Agencies Limited
|
Hong Kong
|
340
|
Marsh & McLennan Agency A/S
|
Denmark
|
341
|
Marsh & McLennan Agency Limited
|
New Zealand
|
342
|
Marsh & McLennan Agency LLC
|
United States
|
343
|
Marsh & McLennan Agency Pty Ltd.
|
Australia
|
344
|
Marsh & McLennan Argentina SA Corredores de Reaseguros
|
Argentina
|
345
|
Marsh & McLennan Colombia S.A.
|
Colombia
|
346
|
Marsh & McLennan Companies Acquisition Funding Limited
|
United Kingdom
|
347
|
Marsh & McLennan Companies Acquisition Limited
|
United Kingdom
|
348
|
Marsh & McLennan Companies Asia Pacific Treasury Center Limited
|
United States
|
349
|
Marsh & McLennan Companies BVBA/SPRL
|
Belgium
|
350
|
Marsh & McLennan Companies Finance Center (Luxembourg) S.a.r.l.
|
Luxembourg
|
351
|
Marsh & McLennan Companies France S.A.S.
|
France
|
352
|
Marsh & McLennan Companies Holdings (Luxembourg) S.a.r.l.
|
Luxembourg
|
353
|
Marsh & McLennan Companies Regional Holdings S.a.r.l.
|
Luxembourg
|
354
|
Marsh & McLennan Companies Services B.V.
|
Netherlands
|
355
|
Marsh & McLennan Companies UK Limited
|
United Kingdom
|
356
|
Marsh & McLennan Companies, Inc.
|
United States
|
357
|
Marsh & McLennan Europe S.a.r.l.
|
Luxembourg
|
358
|
Marsh & McLennan Global Broking (Bermuda) Ltd.
|
Bermuda
|
359
|
Marsh & McLennan GP I, Inc.
|
United States
|
360
|
Marsh & McLennan Holding GmbH
|
Germany
|
361
|
Marsh & McLennan Holdings (Canada) ULC
|
Canada
|
362
|
Marsh & McLennan Holdings, Inc.
|
United States
|
363
|
Marsh & McLennan Innovation Centre Holdings II
|
Bermuda
|
364
|
Marsh & McLennan Innovation Centre Holdings S.a.r.l.
|
Luxembourg
|
365
|
Marsh & McLennan Innovation Centre Limited
|
Ireland
|
366
|
Marsh & McLennan Insurance Services Limited
|
Hong Kong
|
367
|
Marsh & McLennan Ireland Limited
|
Ireland
|
368
|
Marsh & McLennan Management Services (Bermuda) Limited
|
Bermuda
|
369
|
Marsh & McLennan Risk Capital Holdings, Ltd.
|
United States
|
370
|
Marsh & McLennan Servicios, S.A. De C.V.
|
Mexico
|
371
|
Marsh & McLennan Shared Services Canada Limited
|
Canada
|
372
|
Marsh & McLennan Shared Services Corporation
|
United States
|
373
|
Marsh & McLennan, Incorporated (for dissolution)
|
United States
|
374
|
Marsh (Bahrain) Company SPC
|
Bahrain
|
375
|
Marsh (Beijing) Risk Management Consulting Co., Ltd.
|
China
|
376
|
Marsh (China) Insurance Brokers Co., Ltd.
|
China
|
377
|
Marsh (Hong Kong) Limited
|
Hong Kong
|
378
|
Marsh (Insurance Brokers) LLP
|
Kazakhstan
|
379
|
Marsh (Insurance Services) Limited
|
United Kingdom
|
380
|
Marsh (Malawi) Limited
|
Malawi
|
381
|
Marsh (Middle East) Limited
|
United Kingdom
|
382
|
Marsh (Namibia) (Proprietary) Limited
|
Namibia
|
383
|
Marsh (Pty) Ltd
|
South Africa
|
384
|
Marsh (Risk Consulting) LLP
|
Kazakhstan
|
385
|
Marsh (Singapore) Pte. Ltd.
|
Singapore
|
386
|
Marsh A/S
|
Denmark
|
387
|
Marsh AB
|
Sweden
|
388
|
Marsh Advantage Insurance Holdings Pty Ltd
|
Australia
|
389
|
Marsh Advantage Insurance Pty Ltd.
|
Australia
|
390
|
Marsh Africa (Pty) Ltd
|
South Africa
|
391
|
Marsh AG
|
Switzerland
|
392
|
Marsh Argentina S.R.L.
|
Argentina
|
393
|
Marsh AS
|
Norway
|
394
|
Marsh Associates (Pty) Ltd
|
South Africa
|
395
|
Marsh Austria G.m.b.H.
|
Austria
|
396
|
Marsh Aviation Insurance Broking Pty Ltd (for dissolution)
|
Australia
|
397
|
Marsh B.V.
|
Netherlands
|
398
|
Marsh Botswana (Proprietary) Limited
|
Botswana
|
399
|
Marsh Brockman y Schuh Agente de Seguros y de Fianzas, S.A. de C.V.
|
Mexico
|
400
|
Marsh Broker de Asigurare-Reasigurare S.R.L.
|
Romania
|
401
|
Marsh Broker Japan, Inc.
|
Japan
|
402
|
Marsh Brokers (Hong Kong) Limited
|
Hong Kong
|
403
|
Marsh Brokers Limited
|
United Kingdom
|
404
|
Marsh Canada Limited/Marsh Canada Limitee
|
Canada
|
405
|
Marsh Company Management Services Cayman Ltd.
|
Cayman Islands
|
406
|
Marsh Compensation Technologies Administration (Pty) Ltd
|
South Africa
|
407
|
Marsh Corporate Services (Barbados) Limited
|
Barbados
|
408
|
Marsh Corporate Services Isle of Man Ltd
|
Isle of Man
|
409
|
Marsh Corporate Services Limited
|
United Kingdom
|
410
|
Marsh Corporate Services Malta Limited
|
Malta
|
411
|
Marsh Corretora de Seguros Ltda.
|
Brazil
|
412
|
Marsh d.o.o. Beograd
|
Serbia
|
413
|
Marsh d.o.o. za posredovanje u osiguranju
|
Croatia
|
414
|
Marsh Egypt LLC
|
Egypt
|
415
|
Marsh Emirates Consultancy LLC
|
United Arab Emirates
|
416
|
Marsh Emirates Insurance Brokerage LLC
|
United Arab Emirates
|
417
|
Marsh Employee Benefits Limited
|
Ireland
|
418
|
Marsh Employee Benefits Zimbabwe (Private) Ltd
|
Zimbabwe
|
419
|
Marsh EOOD
|
Bulgaria
|
420
|
Marsh Eurofinance B.V.
|
Netherlands
|
421
|
Marsh Europe S.A.
|
Belgium
|
422
|
Marsh FJC International Insurance Brokers Limited
|
Nigeria
|
423
|
Marsh for Insurance Services - Jordan
|
Jordan
|
424
|
Marsh For Insurance Services S.A.E.
|
Egypt
|
425
|
Marsh Franco Acra, S.A.
|
Dominican Republic
|
426
|
Marsh GmbH
|
Germany
|
427
|
Marsh GSC Servicos e Administracao de Seguros Ltda.
|
Brazil
|
428
|
Marsh Holding AB
|
Sweden
|
429
|
Marsh Holdings (Pty) Ltd
|
South Africa
|
430
|
Marsh i-Connect (Pty) Ltd
|
South Africa
|
431
|
Marsh India Insurance Brokers Private Limited
|
India
|
432
|
Marsh Insurance & Investments LLC
|
United States
|
433
|
Marsh Insurance and Reinsurance Brokers LLC
|
Azerbaijan
|
434
|
Marsh Insurance Brokers
|
United Kingdom
|
435
|
Marsh Insurance Brokers (Macao) Limited
|
Macao
|
436
|
Marsh Insurance Brokers (Malaysia) Sdn Bhd
|
Malaysia
|
437
|
Marsh Insurance Brokers (Private) Limited
|
Zimbabwe
|
438
|
Marsh Insurance Brokers AO
|
Russian Federation
|
439
|
Marsh Insurance Brokers Limited
|
Cyprus
|
440
|
Marsh Insurance Consulting Saudi Arabia (in liquidation)
|
Saudi Arabia
|
441
|
Marsh Intermediaries Inc.
|
United States
|
442
|
Marsh International Broking Holdings Limited
|
United Kingdom
|
443
|
Marsh International Holdings II, Inc.
|
United States
|
444
|
Marsh International Holdings, Inc.
|
United States
|
445
|
Marsh Investment B.V.
|
Netherlands
|
446
|
Marsh Ireland Brokers Limited
|
Ireland
|
447
|
Marsh Ireland Brokers Limited (UK Branch)
|
Ireland
|
448
|
Marsh Ireland Holdings Limited
|
Ireland
|
449
|
Marsh Israel (1999) Ltd.
|
Israel
|
450
|
Marsh Israel (Holdings) Ltd.
|
Israel
|
451
|
Marsh Israel Consultants Ltd.
|
Israel
|
452
|
Marsh Israel Insurance Agency Ltd.
|
Israel
|
453
|
Marsh Israel International Brokers Ltd. (in liquidation)
|
Israel
|
454
|
Marsh Japan, Inc.
|
Japan
|
455
|
Marsh JCS Inc.
|
United States
|
456
|
Marsh Kft.
|
Hungary
|
457
|
Marsh Kindlustusmaakler AS
|
Estonia
|
458
|
Marsh Korea, Inc.
|
Korea, Republic of
|
459
|
Marsh Limited
|
United Kingdom
|
460
|
Marsh Limited [Fiji]
|
Fiji
|
461
|
Marsh Limited [New Zealand]
|
New Zealand
|
462
|
Marsh Limited [PNG]
|
Papua New Guinea
|
463
|
Marsh LLC
|
United States
|
464
|
Marsh LLC [Ukraine]
|
Ukraine
|
465
|
Marsh LLC Insurance Brokers
|
Greece
|
466
|
Marsh Ltd. [Wisconsin]
|
United States
|
510
|
Marsh SA [Argentina]
|
Argentina
|
511
|
Marsh SA [Belgium]
|
Belgium
|
512
|
Marsh SA [Luxembourg]
|
Luxembourg
|
513
|
Marsh SA [Uruguay]
|
Uruguay
|
514
|
Marsh Saldana Inc.
|
Puerto Rico
|
515
|
Marsh Saudi Arabia Insurance & Reinsurance Brokers
|
Saudi Arabia
|
516
|
Marsh Secretarial Services Limited
|
United Kingdom
|
517
|
Marsh Semusa, S.A.
|
Panama
|
518
|
Marsh Services Limited
|
United Kingdom
|
519
|
Marsh Services Spolka z.o.o.
|
Poland
|
520
|
Marsh SIA
|
Latvia
|
521
|
Marsh Sigorta ve Reasurans Brokerligi Anonim Sirketi
|
Turkey
|
522
|
Marsh Spolka z.o.o.
|
Poland
|
523
|
Marsh Szolgaltato Kft.
|
Hungary
|
524
|
Marsh Takaful Brokers (Malaysia) Sdn Bhd
|
Malaysia
|
525
|
Marsh Treasury Services (Dublin) Limited (in liquidation)
|
Ireland
|
526
|
Marsh Treasury Services Limited
|
United Kingdom
|
527
|
Marsh Tunisia S.a.r.l.
|
Tunisia
|
528
|
Marsh Uganda Limited
|
Uganda
|
529
|
Marsh UK Limited
|
United Kingdom
|
530
|
Marsh USA (India) Inc.
|
United States
|
531
|
Marsh USA Borrower LLC
|
United States
|
532
|
Marsh USA Inc.
|
United States
|
533
|
Marsh Venezuela C.A. Sociedad de Corretaje de Seguros
|
Venezuela, Bolivarian Republic of
|
534
|
Marsh Vietnam Insurance Broking Company Ltd
|
Vietnam
|
535
|
Marsh Zambia Limited
|
Zambia
|
536
|
Marsh Zimbabwe Holdings (Private) Limited
|
Zimbabwe
|
537
|
Marsh, Lda.
|
Portugal
|
538
|
Marsh, S.A. Mediadores de Seguros
|
Spain
|
539
|
Matthiessen Assurans AB
|
Sweden
|
540
|
Mercer (Argentina) S.A.
|
Argentina
|
541
|
Mercer (Australia) Pty Ltd
|
Australia
|
542
|
Mercer (Austria) GmbH
|
Austria
|
543
|
Mercer (Belgium) SA-NV
|
Belgium
|
544
|
Mercer (Canada) Limited/Mercer (Canada) Limitee
|
Canada
|
545
|
Mercer (China) Limited
|
China
|
546
|
Mercer (Colombia) Ltda.
|
Colombia
|
547
|
Mercer (Danmark) A/S
|
Denmark
|
548
|
Mercer (Finland) OY
|
Finland
|
549
|
Mercer (France) SAS
|
France
|
550
|
Mercer (Hong Kong) Limited
|
Hong Kong
|
551
|
Mercer (Ireland) Limited
|
Ireland
|
552
|
Mercer (Malaysia) Sdn. Bhd.
|
Malaysia
|
553
|
Mercer (N.Z.) Limited
|
New Zealand
|
554
|
Mercer (Nederland) B.V.
|
Netherlands
|
555
|
Mercer (Norge) AS
|
Norway
|
556
|
Mercer (Polska) Sp.z o.o.
|
Poland
|
557
|
Mercer (Portugal) Lda
|
Portugal
|
558
|
Mercer (Singapore) Pte. Ltd.
|
Singapore
|
559
|
Mercer (Sweden) AB
|
Sweden
|
560
|
Mercer (Taiwan) Ltd.
|
Taiwan
|
561
|
Mercer (Thailand) Ltd.
|
Thailand
|
562
|
Mercer (US) Inc.
|
United States
|
563
|
Mercer Administration Services (Australia) Pty Limited
|
Australia
|
564
|
Mercer Africa Limited
|
United Kingdom
|
565
|
MERCER ALTERNATIVES LIMITED
|
United Kingdom
|
566
|
Mercer Asesores de Seguros S.A.
|
Argentina
|
567
|
Mercer Asesores es Inversion Independientes S.A. de C.V.
|
Mexico
|
568
|
Mercer Broking Ltd.
|
Taiwan
|
569
|
Mercer Career, Unipessoal Lda
|
Portugal
|
570
|
Mercer Consultation (Quebec) Ltee.
|
Canada
|
571
|
Mercer Consulting (Australia) Pty Ltd
|
Australia
|
572
|
Mercer Consulting (Chile) Limitada
|
Chile
|
573
|
Mercer Consulting (France) SAS
|
France
|
574
|
Mercer Consulting (India) Private Limited
|
India
|
575
|
Mercer Consulting B.V.
|
Netherlands
|
576
|
Mercer Consulting Group, Inc.
|
United States
|
577
|
Mercer Consulting Holdings Sdn. Bhd.
|
Malaysia
|
578
|
Mercer Consulting Limited
|
United Kingdom
|
579
|
Mercer Consulting Middle East Limited
|
United Arab Emirates
|
580
|
Mercer Consulting Venezuela, C.A.
|
Venezuela, Bolivarian Republic of
|
581
|
Mercer Consulting, S.L.U.
|
Spain
|
582
|
Mercer Corredores de Seguros Limitada
|
Chile
|
583
|
Mercer Corretora de Seguros Ltda
|
Brazil
|
584
|
Mercer Danismanlik Anonim Sirketi
|
Turkey
|
585
|
Mercer Deutschland GmbH
|
Germany
|
586
|
Mercer Employee Benefits - Medicacao de Seguros Unipessoal Lda.
|
Portugal
|
587
|
Mercer Employee Benefits Limited
|
United Kingdom
|
588
|
Mercer Financial Advice (Australia) Pty Ltd
|
Australia
|
589
|
Mercer Financial Services Limited
|
Ireland
|
590
|
Mercer Financial Services Limited liability company
|
Morocco
|
591
|
Mercer Financial Services Middle East Limited
|
United Arab Emirates
|
592
|
Mercer Global Investments Europe Limited
|
Ireland
|
593
|
Mercer Global Investments Management Limited
|
Ireland
|
594
|
Mercer Health & Benefits (Singapore) Pte. Ltd.
|
Singapore
|
595
|
Mercer Health & Benefits Administration LLC
|
United States
|
596
|
Mercer Health & Benefits LLC
|
United States
|
597
|
Mercer Holdings, Inc.
|
United States
|
598
|
Mercer Holdings, Inc. [Philippines]
|
Philippines
|
599
|
Mercer HR Consulting Borrower LLC
|
United States
|
600
|
Mercer HR Services, LLC
|
United States
|
601
|
Mercer Human Resource Consulting Ltda
|
Brazil
|
602
|
Mercer Human Resource Consulting S.A. de C.V.
|
Mexico
|
603
|
Mercer ICC Limited
|
Guernsey
|
604
|
Mercer Investment Consulting Limited
|
Ireland
|
605
|
Mercer Investment Management (Shanghai) Co., Ltd
|
China
|
606
|
Mercer Investment Solutions (Singapore) Pte. Ltd.
|
Singapore
|
607
|
Mercer Investments (Australia) Limited
|
Australia
|
608
|
Mercer Investments (Hong Kong) Limited
|
Hong Kong
|
609
|
Mercer Investments (Japan), Ltd
|
Japan
|
610
|
Mercer Investments (New Zealand) Limited
|
New Zealand
|
611
|
Mercer Investments LLC
|
United States
|
612
|
Mercer Ireland Holdings Limited
|
Ireland
|
613
|
Mercer Italia Srl Socio Unico
|
Italy
|
614
|
Mercer Japan Ltd.
|
Japan
|
615
|
Mercer Korea Co. Ltd.
|
Korea, Republic of
|
616
|
Mercer Limited
|
United Kingdom
|
617
|
Mercer LLC
|
United States
|
618
|
Mercer Master Trustees Limited
|
Ireland
|
619
|
Mercer Mauritius Ltd.
|
Mauritius
|
620
|
Mercer MC Consulting Borrower LLC
|
United States
|
621
|
Mercer Oliver Wyman Holding B.V.
|
Netherlands
|
622
|
Mercer Outsourcing (Australia) Pty Ltd
|
Australia
|
623
|
Mercer Outsourcing, S.L.U.
|
Spain
|
624
|
Mercer Pensionsfonds AG
|
Germany
|
625
|
Mercer Pensionsraadgivning A/S
|
Denmark
|
626
|
Mercer Philippines, Inc.
|
Philippines
|
627
|
Mercer Private Investment Partners IV General Partner S.a.r.l.
|
Luxembourg
|
628
|
Mercer Private Markets Advisers (US) AG
|
Switzerland
|
629
|
Mercer Private Markets AG
|
Switzerland
|
630
|
Mercer Services Poland Sp. z.o.o.
|
Poland
|
631
|
Mercer Sigorta Brokerligi Anonim Sirketi
|
Turkey
|
632
|
Mercer South Africa (Pty) Limited
|
South Africa
|
633
|
Mercer Superannuation (Australia) Limited
|
Australia
|
634
|
Mercer Switzerland Inc.
|
Switzerland
|
635
|
Mercer System Services LLC
|
United States
|
636
|
Mercer Technology Acquisitions Limited
|
United Kingdom
|
637
|
Mercer Treuhand GmbH
|
Germany
|
638
|
Mercer Trust Company LLC
|
United States
|
639
|
Mercer Trustees Limited
|
Ireland
|
640
|
Mercer Trustees Limited
|
United Kingdom
|
641
|
Mercer WorkforcePro LLC
|
United States
|
642
|
Mercer, Agente de Seguros, S.A. de C.V.
|
Mexico
|
643
|
Mercury Insurance Services Pty Ltd
|
Australia
|
644
|
MM Risk Services Pty Ltd (for dissolution)
|
Australia
|
645
|
MMA Mid-Atlantic Employee LLC
|
United States
|
646
|
MMA Securities LLC
|
United States
|
647
|
MMB Consultores S.A.
|
Argentina
|
648
|
MMC (Singapore) Holdings Pte. Ltd.
|
Singapore
|
649
|
MMC 28 State Street Holdings Inc.
|
United States
|
650
|
MMC Borrower LLC
|
United States
|
651
|
MMC Brazilian Holdings B.V.
|
Netherlands
|
652
|
MMC Capital, Inc.
|
United States
|
653
|
MMC Cascade Regional Holdings, LLC
|
United States
|
654
|
MMC Finance (Australia) Limited
|
United Kingdom
|
655
|
MMC FINANCE (EUROPE) LIMITED
|
United Kingdom
|
656
|
MMC Finance (Singapore) Limited
|
United Kingdom
|
657
|
MMC FINANCE HOLDINGS LTD
|
United Kingdom
|
658
|
MMC France Holdings (Luxembourg) S.a.r.l.
|
Luxembourg
|
659
|
MMC GP III, Inc.
|
United States
|
660
|
MMC Group Services sp. z o.o.
|
Poland
|
661
|
MMC Holdings (Australia) Pty Ltd
|
Australia
|
662
|
MMC Holdings (New Zealand) ULC
|
New Zealand
|
663
|
MMC Holdings (UK) Limited
|
United Kingdom
|
664
|
MMC International Finance (Barbados) SRL
|
Barbados
|
665
|
MMC International Holdings LLC
|
United States
|
666
|
MMC International Limited
|
United Kingdom
|
667
|
MMC International Treasury Centre Limited
|
United Kingdom
|
668
|
MMC Middle East Holdings Limited
|
United Kingdom
|
669
|
MMC Poland Holdings B.V.
|
Netherlands
|
670
|
MMC Realty, Inc.
|
United States
|
671
|
MMC Regional Asia Holdings B.V.
|
Netherlands
|
672
|
MMC Regional Caribbean Holdings, Ltd.
|
Bermuda
|
673
|
MMC Regional Europe Holdings B.V.
|
Netherlands
|
674
|
MMC Regional LATAM Holdings B.V.
|
Netherlands
|
675
|
MMC Securities (Europe) Limited
|
United Kingdom
|
676
|
MMC Securities LLC
|
United States
|
677
|
MMC Treasury Holdings (UK) Limited
|
United Kingdom
|
678
|
MMC UK Group Limited
|
United Kingdom
|
679
|
MMC UK Pension Fund Trustee Limited
|
United Kingdom
|
680
|
MMOW Limited
|
United Kingdom
|
681
|
MMRC LLC
|
United States
|
682
|
Moola Systems Limited
|
United Kingdom
|
683
|
Mountlodge Limited
|
United Kingdom
|
684
|
MOW Holding LLC
|
United States
|
685
|
MPIP III GP LLC
|
United States
|
686
|
MPIP IV GP LLC
|
United States
|
687
|
MPIP V GP, LLC
|
United States
|
688
|
MPIP VI GP, LLC
|
United States
|
689
|
Muir Beddal (Zimbabwe) Limited
|
Zimbabwe
|
690
|
National Economic Research Associates, Inc.
|
United States
|
691
|
National Economic Research Associates, Inc.
|
United States
|
692
|
NERA Australia Pty. Ltd.
|
Australia
|
693
|
NERA do Brasil Ltda. (for dissolution)
|
Brazil
|
694
|
NERA Economic Consulting GmbH
|
Germany
|
695
|
NERA Economic Consulting Limited
|
New Zealand
|
696
|
NERA S.R.L.
|
Italy
|
697
|
NERA SAS
|
France
|
698
|
NERA UK Limited
|
United Kingdom
|
699
|
NetComp Insurance Corp.
|
United States
|
700
|
Neuburger Noble Lowndes GmbH
|
Germany
|
701
|
Normandy Reinsurance Company Limited
|
Bermuda
|
702
|
Northern Alliance Brokers Limited (in liquidation)
|
United Kingdom
|
703
|
Oliver Wyman (Bermuda) Limited
|
Bermuda
|
704
|
Oliver Wyman (Hong Kong) Limited
|
Hong Kong
|
705
|
Oliver Wyman AB
|
Sweden
|
706
|
Oliver Wyman Actuarial Consulting, Inc.
|
United States
|
707
|
Oliver Wyman AG
|
Switzerland
|
708
|
Oliver Wyman B.V.
|
Netherlands
|
709
|
Oliver Wyman Consulting (Shanghai) Ltd
|
China
|
710
|
Oliver Wyman Consultoria em Estrategia de Negocios Ltda.
|
Brazil
|
711
|
Oliver Wyman Energy Consulting Limited
|
United Kingdom
|
712
|
Oliver Wyman FZ-LLC
|
United Arab Emirates
|
713
|
Oliver Wyman Group KK
|
Japan
|
714
|
Oliver Wyman Limited
|
United Kingdom
|
715
|
Oliver Wyman Limited Liability Company
|
Greece
|
716
|
Oliver Wyman LLC
|
Russian Federation
|
717
|
Oliver Wyman Ltd.
|
Korea, Republic of
|
718
|
Oliver Wyman Pte. Ltd.
|
Singapore
|
719
|
Oliver Wyman Pty. Ltd.
|
Australia
|
720
|
Oliver Wyman S.A.S.
|
Colombia
|
721
|
Oliver Wyman S.L.
|
Spain
|
722
|
Oliver Wyman S.r.l.
|
Italy
|
723
|
Oliver Wyman Sdn. Bhd.
|
Malaysia
|
724
|
Oliver Wyman Services Limited
|
United Kingdom
|
725
|
Oliver Wyman Servicios, S. de R.L. de C.V.
|
Mexico
|
726
|
Oliver Wyman SNC
|
France
|
727
|
Oliver Wyman sp. z o.o.
|
Poland
|
728
|
Oliver Wyman SPRL/BVBA
|
Belgium
|
729
|
Oliver Wyman, Inc.
|
United States
|
730
|
Oliver Wyman, S. de R.L. de C.V.
|
Mexico
|
731
|
Oliver, Wyman Limited/Oliver, Wyman limitee
|
Canada
|
732
|
Omega Indemnity (Bermuda) Limited
|
Bermuda
|
733
|
Organizacion Brockman y Schuh S.A. de C.V.
|
Mexico
|
734
|
Osbornes Insurances Oxford Limited (in liquidation)
|
United Kingdom
|
735
|
OWL Marine Insurance-Brokers GmbH & Co.KG
|
Germany
|
736
|
OWL Marine Verwaltungs GmbH
|
Germany
|
737
|
Pallas Marsh Servicos Ltda.
|
Brazil
|
738
|
Pavilion Alternatives Group (Singapore) PTE. Ltd
|
Singapore
|
739
|
Pavilion Financial Corporation Holdings UK Limited
|
United Kingdom
|
740
|
Pavilion U.S. Investments Holdco LLC
|
United States
|
741
|
Pension Trustees Limited
|
United Kingdom
|
742
|
Pensionsservice Benefit Network Sverige AB
|
Sweden
|
743
|
Perils AG
|
Switzerland
|
744
|
Personal Pension Trustees Limited
|
United Kingdom
|
745
|
Pet Animal Welfare Scheme Limited
|
United Kingdom
|
746
|
PFT Limited
|
United Kingdom
|
747
|
PI Indemnity Company, Designated Activity Company
|
Ireland
|
748
|
Portsoken Trustees (No. 2) Limited
|
United Kingdom
|
749
|
Portsoken Trustees Limited
|
United Kingdom
|
750
|
Potomac Insurance Managers, Inc.
|
United States
|
751
|
Premier Pension Trustees Limited
|
United Kingdom
|
752
|
Premium Services Australia Pty Limited
|
Australia
|
753
|
Professional Claims Handling Limited (in liquidation)
|
United Kingdom
|
754
|
Profund Solutions Limited
|
United Kingdom
|
755
|
Promerit AG
|
Germany
|
756
|
Promerit Hungary Kft
|
Hungary
|
757
|
Promerit Schweiz AG
|
Switzerland
|
758
|
PT Jardine Lloyd Thompson
|
Indonesia
|
759
|
PT JLT Reinsurance Brokers
|
Indonesia
|
760
|
PT Marsh Indonesia
|
Indonesia
|
761
|
PT Marsh Reinsurance Brokers Indonesia
|
Indonesia
|
762
|
PT Mercer Indonesia
|
Indonesia
|
763
|
PT Nexus Asia Pacific
|
Indonesia
|
764
|
PT Oliver Wyman Indonesia
|
Indonesia
|
765
|
PT Quantum Computing Services
|
Indonesia
|
766
|
PT Quantum Investments
|
Indonesia
|
767
|
PT Quantum Support Services
|
Indonesia
|
811
|
Sedgwick Noble Lowndes Group Limited
|
United Kingdom
|
812
|
Sedgwick Noble Lowndes Limited
|
United Kingdom
|
813
|
Sedgwick Overseas Investments Limited
|
United Kingdom
|
814
|
Sedgwick Private Limited
|
Singapore
|
815
|
Sedgwick Re Asia Pacific (Consultants) Pte Ltd (for dissolution)
|
Singapore
|
816
|
Sedgwick Trustees Limited
|
United Kingdom
|
817
|
Sedgwick UK Risk Services Limited
|
United Kingdom
|
818
|
Sedgwick Ulster Pension Trustees Limited
|
United Kingdom
|
819
|
Settlement Trustees Limited
|
United Kingdom
|
820
|
Shanghai Mercer Insurance Brokers Company Ltd.
|
China
|
821
|
Shorewest Insurance Associates, LLC
|
United States
|
822
|
SICAR Marsh S.a.r.l.
|
Burkina Faso
|
823
|
Sirota Asia Pacific Pte. Ltd.
|
Singapore
|
824
|
Sirota Consulting UK Limited
|
United Kingdom
|
825
|
SME Insurance Services Limited
|
United Kingdom
|
826
|
Smith Long Term Disability Management Group, Inc.
|
United States
|
827
|
Societe d'Assurances et de Participation Guian SA
|
France
|
828
|
Software Underwriting Systems Limited (in liquidation)
|
United Kingdom
|
829
|
Southern Marine & Aviation Underwriters, Inc.
|
United States
|
830
|
Southern Marine & Aviation, Inc.
|
United States
|
831
|
Sudzucker Versicherungs-Vermittlungs GmbH
|
Germany
|
832
|
Talent Tech Labs, LLC
|
United States
|
833
|
TBX Solutions Limited
|
United Kingdom
|
834
|
The Benefit Express Holdings Limited
|
United Kingdom
|
835
|
The Benefit Express Limited
|
United Kingdom
|
836
|
The Carpenter Management Corporation
|
United States
|
837
|
The Insurance Partnership Holdings Limited
|
United Kingdom
|
838
|
The Insurance Partnership Services Limited
|
United Kingdom
|
839
|
The Positive Ageing Company Limited
|
United Kingdom
|
840
|
The Purple Partnership Limited
|
United Kingdom
|
841
|
The Recovre Group Pty Ltd
|
Australia
|
842
|
Thomsons Online Benefits (HK) Ltd.
|
Hong Kong
|
843
|
Thomsons Online Benefits Inc.
|
United States
|
844
|
Thomsons Online Benefits Limited
|
United Kingdom
|
845
|
Thomsons Online Benefits Pte Ltd.
|
Singapore
|
846
|
Thomsons Online Benefits S.R.L
|
Romania
|
847
|
Torrent Government Contracting Services, LLC
|
United States
|
848
|
Torrent Insurance Services, LLC
|
United States
|
849
|
Torrent Technologies, Inc.
|
United States
|
850
|
Tower Hill Limited
|
United Kingdom
|
851
|
Tower Place Developments (West) Limited
|
United Kingdom
|
852
|
Tower Place Developments Limited
|
United Kingdom
|
853
|
U.T.E. AMG
|
Spain
|
854
|
U.T.E. Marsh - Caja Castilla La Mancha Junta de Comunidades
|
Spain
|
855
|
U.T.E. Marsh - Salvado Reus (in liquidation)
|
Spain
|
856
|
U.T.E. Marsh - Salvado Reus 2012
|
Spain
|
857
|
U.T.E. Marsh - Salvado Vila-Seca 2010
|
Spain
|
858
|
UAD BB Marsh Lietuva
|
Lithuania
|
859
|
Vezina & Associes Inc.
|
Canada
|
860
|
Vezina Assurances Inc.
|
Canada
|
861
|
Victor Insurance Europe B.V.
|
Netherlands
|
862
|
Victor Insurance Holdings Inc.
|
United States
|
863
|
Victor Insurance Italia S.r.l.
|
Italy
|
864
|
Victor Insurance Managers Inc.
|
United States
|
865
|
Victor Insurance Managers Inc./Gestionnaires d'assurance Victor inc.
|
Canada
|
866
|
Victor O. Schinnerer & Co. (Bermuda), Ltd.
|
Bermuda
|
867
|
Victor O. Schinnerer & Company Limited
|
United Kingdom
|
868
|
Victoria Hall Company Limited
|
Bermuda
|
869
|
Wellnz Limited
|
New Zealand
|
870
|
William M. Mercer (Canada) Limited/William M. Mercer (Canada) Limitee
|
Canada
|
871
|
William M. Mercer AB
|
Sweden
|
872
|
William M. Mercer Comercio, Consultoria e Servicos Ltda.
|
Brazil
|
Date:
|
February 20, 2020
|
|
/s/ Daniel S. Glaser
|
|
|
|
Daniel S. Glaser
|
|
|
|
President and Chief Executive Officer
|
Date:
|
February 20, 2020
|
|
/s/ Mark C. McGivney
|
|
|
|
Mark C. McGivney
|
|
|
|
Chief Financial Officer
|
1.
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and
|
2.
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Marsh & McLennan Companies, Inc.
|
Date:
|
February 20, 2020
|
|
/s/ Daniel S. Glaser
|
|
|
|
Daniel S. Glaser
|
|
|
|
President and Chief Executive Officer
|
Date:
|
February 20, 2020
|
|
/s/ Mark C. McGivney
|
|
|
|
Mark C. McGivney
|
|
|
|
Chief Financial Officer
|